I have a flat in Thane, Maharashtra. Myself and my sister are owners of the flat as per the Agreement (taken on joint name to be eligible for loan). We have a home loan for this flat & in loan account I am the applicant and my sister is the co-applicant.
My sister wants to give all her rights of this property without any financial transaction to me.
Can you please suggest what should be done in this case, whether we need to do gift deed, release deed or Relinquishment deed? Please consider the fact that we cannot close the loan account right now.
I am also confused as to what are the charges applicable in each case and if there is any formalities to be done with the bank for the same.
