fighting back (exec) 31 May 2013

What is the best way to transfer joint property to co owner

Hi Ld members,

Just wanted to know a few things, as i am going through a divorce case, i wish to transfer my share of the property to the co-borrower. the details are:

Property is 1 bhk flat

bought on loan, (myself and my brother are the borrowers , loan borrowed jointly, from SBI,)

EMI of loans are still going on

I wish to give away my share of the property or transfer my share to my brother, i dont wish to remain an owner/borrower in the said property.

since the loan is going on, i request you to please advice, which is the best way to remove my name and give away my share to my brother, i intend to transfer my share in the property, transfer the entire loan in his name

Which is the best way to do this

1)deed of reliquishment

2)transfer deed

3)gift deed

which is the cheapest and quickest method of doing this, and is it necessary to remove my name from the bank loan too, if yes ,will i have to close the loan, or ask the bank to remove my loan, the bank is not giving me a NOC to do so, hence request your advice. thanks

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3 Replies

Advocate Rohit (Advocate) 31 May 2013

1st let me know whether your brother himself is eligible for the loan amount which you had received from SBI????

if yes, then you may transfer the said flat in favour of your brother by way of registered gift deed.

But think before transferring the rights in the flat in favour of your brother. what about ur future?????

you may call on the below given number for legal assistance.

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai

fighting back (exec) 01 June 2013

@adv rohit......thank you very much for your reply,,, reqarding your question. me and my brother, both are borrowers in the loan. we borrowed the loan jointly, and i wish to move out of the property and loan. as i am going through a divorce case. the loan is sacntioned against income of both of us. i wanted to transfer the entire loan to him.

if i do gift deed of my share in the flat. do i have to pay the stamp duty and again do the registration? also,. since the flat is still on loan. the bank is the owner of the flat. technically, hence can i still gift away my share to him?

thanks again.

Advocate Rohit (Advocate) 01 June 2013

in that case you may execute a relinquishment deed and ask your brother to repay the loan from his own income and you do not share any further monies in the EMI payment.

and you may ask your brother to return you the amount so paid by you till date towards EMI etc. for the said flat.

This way you would be a co-borrower in the eyes of law. but technically you will also surrender your rights in the said property.

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai