Dear Client,

If complete payment is made by u, that by order of court only, u can be made absolute owner.

In this regard, declaration from court on the basis of evidence that u have made the payment.

Or, co applicant execute the release/relinquishment deed in your favor.

Hi, until and unless the other co-applicant does not transfer his share in your favour through sale deed or gift deed , you cannot hold the complete title of the flat...

1) you are co owner of flat

2) main applicant should execute gift deed or relinquishment for his share of flat

3) then only would you be absolute owner of flat

Firstly, at the time of becoming the co applicant one should be aware about the future consequences.

Secondly, though I understand that the EMI is been paid by you but if there is an condition in the loan agreement that the other one would only be as a performa party only then it can be done.

Thirdly, otherwise you need to take the consent of the other one to get it transfer on your name.

And yes you can repay the entire left amount to the bank.

You can consult me for further assistance.

1. The co-applicant can gift his share in your name by executing a gift deed. Gift deed because it does not involve any passing of any monetary consideration between the parties and stamp duty is also low. Further as you are saying that you have been paying all the EMI it appears that you are the actual purchaser and therefore the co-applicant should not have any problem in signing a gift deed in your favour. Lower stamp duty is applicable only if the gift is by a family member to another family member as specified in the stamp duty act.

2. If the co-applicant demands any money from you to transfer his share to your name then he can execute either a release deed or a sale deed.

3. Whichever mode you choose, the document will have to be duly stamped and registered.

Hi Srikanth,

1) You have to get first registered whole flat on your name.

2) The other partner may be transfer on your name by way of gift deed or will deed.

Your question: is their any possibilities that flat can be in my name instead the main applicant

Answer: No you cannot be the sole owner.

Your question: do we need to do registration process to own the flat ?

Answer: Yes without registration you will never have a perfect title to the flat. Therefore if you can convince the main applicant to transfer the flat in your name, it will be best for both of you.

You'll have to take a NOC from the main applicant for this.

Under regular course, irrespective of who has cleared the bank loan, this flat will be registered on the name of both the applicant and the co applicant.

Dear,

- If you want to pay all the EMI of loan then after payment of EMI, you should file a

suit in court and after court order in your favor, this property transferred in your name.

- or applicant of this property registered a release deed in your favor.

To relinquish his right the another Co-applicant has to execute a release deed or settlement deed in your favour then only you will become an absolute owner of the flat and can get titile in your name.

Hi,

In this case, you may be required to get an NOC from the main applicant. You also need to submit the proof that you have meeting all the obligations regarding buying of the flat.

You need to do registration process to own the flat as you are only co applicant.

1. If there are two applicants for taking loan from the bank, the loan will be for purchasing some property, ordinarily housing property.

2. So, while availing the loan in joint names, you have submitted copy of agreement for sale executed by the builder/vendor with both of you being the co-applicants.

3. So, the bank has nothing to say in whose name the property will be registered after they get their loan amount repaid by you alone or jointly with the other co-applicant.

4. You shall have to negotiate with the co-applicant for availing a letter from him to the Vendor withdrawing himself as the co-purchaser of the said property wherein you shall be the sole owner of the same.

5. After getting a letter confirming your sole ownership by the vendor (for which he might insist for a fresh agreement wherein the co-purchaser will be a consenting party), you can write to the bank that you shall be the sole purchaser of the said property for which you should be treated as the sole borrower of the loaned amount to be rep[aid by you.

1. EXECUTE a duly stamp duty paid and registered "settlement deed" between the owners of the Flat, releasing all his rights to you. This will be sufficient for all legal purposes and for you to retain sole rights over the flats.

Keep Smiling .... Hemant Agarwal

The loan on the property is different to that of the registration of sale deed on an individual's name.

You must confirm that on whose name is the registered sale agreement is executed.

Once the bank loan is fully discharged, then the bank will return the property documents to the title holder

You need to execute the relinquishment deed with the applicant and register the Same. Then the said flat will be registered in your name through it.