Joint ownership and joint home loan
Querist :
Anonymous
(Querist) 23 February 2018
This query is : Open
Dear Experts,
Me and my brother jointly own a flat in mumbai. As he didn't had enough money to buy his 50% share he applied for a home loan with SBI, Our shares are not defined in sale agreement done between us and the builder, but I am the First owner in the sale agreement. I paid my share by selling my under construction house. Even though he has sufficient income to pay the Emi's, Bank asked for co-applicant as per their rule. So I became the co-applicant in the home loan. Since then the EMi's are paid by him only.
Now due to some family disputes I don't wish to stay with him. I offered him his 50% share with the equivalent appreciation on it, but he refuses to leave. The offer he is giving is too low as per market rate of today. I also offered to sell it to third party and share the consideration in return, that too he refused. He said he wont leave the house nor will sell. I am stuck in between as I am not getting my money or property and also have home loan liability on my head. My income is that much, I can't even go new home loan because of the present loan going on.
In the above situation what legal action I can take to come out of it. Is there anyway to come out the home loan burden at least. I can transfer my share to my wife, if required. Kindly help.
Thanks in advance
P. Venu
(Expert) 24 February 2018
The query suggests deeper issues. What is the other 'home loan liability'?
Querist :
Anonymous
(Querist) 24 February 2018
Yes, it is indeed a deeper issue, can't understand what to do. Thus request you all experts to help me out. Home liability here means the liability I am carrying because of me being joint owner and co-applicant to the loan.
Dr J C Vashista
(Expert) 26 February 2018
If you are seeking obligation from experts FREE OF COST you will have to disclose your identity as per rules of this platform, no reply for an "anonymous" author.
Querist :
Anonymous
(Querist) 26 February 2018
@ P. Venu Sir, Hope my query is clear now!
@ Dr J C Vashista Sir, My name Is Dipak, I am from Mumbai.
Querist :
Anonymous
(Querist) 01 March 2018
Experts!! Kindly help me out.
Querist :
Anonymous
(Querist) 05 March 2018
Any other Expert, who seriously wish to help me!!
