Transfer of ownership of flat in joint name to single name

Saurabh,

In my view I see that ther could be 2 ways you can do this, and in both way bank need to agree for the same, builder may be fine as there may not be any issues from his side.

Method 1

- You need to approach the bank from where you have taken loan with NOC from your dad to remove his name. When bank agrees for the same then it is a simple work to finsih your task. Bank may ask you provide fresh agreement to sale document from builder having your name alone.

- Next approach the builder with need to have fresh agreement of sale with your name alone.

Method 2

- Wait till property consturction gets completed, once it is ready for registration, talk to bank and say that you would like to register the property only your name excluding your dad's name. Ask NOC from bank side to register without your dad's name, builder may need this doc.

- Register the property in your name and get the final sale deed to bank.

thanks,

-np

I have purchased a flat in Panvel, Navi Mumbai as a joint owner along with my father & Brother,

My Dad is no more......

Loan taken from bank on Brothers name ....now i want to convert loan & Property in my name..

Bank telling me that legal heir certificate is require for new regisration of same flat on my name....

What should I Do ?? 

What is legal heir Certificate......?

Hi,

Have you registered the property ? In sale deed who all name has been registered ? who is paying monthly EMI towards loan ?

tks,

murthy

Yes Property is Registred in CIDCO......My Father, My Brother and Me Our three name over their, and Loan is on My Brother's name !!! 

Now Dad Died Last year and I want to Transfer that Property on My name......With Everything on my name........

I am paying EMI

Will Method 2 work i have doubt

Bank has given loan on basis of agreement to sale that title is with bank (equitable Mortage)

Will Register office allow changes in ownership when property to be registered is mortaged to bank in joint name if it does how it will actually take place will my Father Transfer his shares and will i have to pay Stamp Duty on it.

Method 2 will work.

Agreement sale will have no value once you have sale deed, so bank need to agree to provide NOC for registration in your name, and one you submit original sale deed they will return earlier agreement of sale back to you. In case if they need agreement of sale then you can prepare new one with developer and submit the same, and get the old one from Bank. Mainly bank need to agree to your request of registering the propery in your name on providing NOC from bank side.

Tks,

murthy

I donot know how 2 queries are mixed up here, firstly  reply to Mr.Saurabh.

Ask the bank to issue an NOC to the bank (and the NOC of builder also - preferable (since the flat is not ready)) and then ask your father to  gift his half undivided share in the property to you which will make you sole owner. Stamp duty is negligible on gift deed in your case only registrtion fee @ 1% will be payable.

As regards the 2nd query by Nishant since your father had 1/3 rd share in the property, you could make a release deed in which all the legal heirs of your father could release the 1/3rd undivided share of your father in the property to you and including your brother who would release not only his share in father's share but also his 1/3rd share. Thus you would become absolute owner. Succession certificate may not be required affidavit and indemnity must suffice.