You have already divided land equally

2) the house is being constructed on your 130 sq yards or your friend 130 sq yards

3) kindly clarify

1. Yes, this can be done under an agreement. Come together under an agreement to give effect to this arrangement by forming a common pool of land. You need to see a local Advocate to assist you with this Agreement. Get this agreement compulsorily registered.

2. definitely.

1. get the building plans prepared through an architect and submit it to the local body for approval and sanction

2. once the plans are sanctioned, then construction can commence as per sanctioned plans

3. for distribution of the floors you two can enter into an agreement in which the share of each party in the common building will be set out i.e. which floor goes to which party, etc.

4. the common areas in the building will be shared between you two on an undivided basis

5. have this agreement registered

partition deed can be executed for division of house by metes and bounds

2) it should be duly stamped and registered

Dear Client,

To avoid any future complications, agreement will execute.

As per sale deed, ownership in portion of land is clear. Agreement will speak about the holding in building floor wise.

Registration charges shall be Max. 1000 rs. Loan will avail as co borrower.

Hi

Since the land is already divided between two of you, both of you can still apply for a common house and divide the property floor wise as in case of apartments.

So, both of you will need to enter in to a registered agreement for

a) undivided share of land out of 260 square yards (not 130 square yards)

b) Pathways, staircase, parking , common amenities (water, drainage) etc

c) Terrace rights.

Since there is an allocation and relinquishment of rights between yourself, the conveyance deed (allocating share of property either by area of by floor wise, also needs to be mandatorily registered at sub-registrar office , but however the costs will be on lower side as

a) Already land is registered and

b) Since one owner is relinquishing his rights to another in exchange, the construction costs alone need to be factored in.

c) Building plans and approvals should be in joint names

Hope this information is useful.

1. Is it possible to do that ? If yes, pls explain the procedure. We want our shares separately so that if any one wants to sell his share, he should be able to do it with out any issue. The property should be transferred to their respective heirs in case of a death.

Answer: Yes it is possible to do that. This house will be built in the manner of a Joint Development Agreement i.e. JDA. Lay down all terms and conditions regarding each of you. Also make a Will so that your legal heirs get their share after your demise;

2. Can we get the bank loan to build the same?

Answer: Yes you can get a joint bank loan to construct the house.

thanks for your appreciation

2) take separate home loan

3) rely upon partition deed duly stamped and regsitered

1. Yes you both can enter into a MOU and joint development agreement for your purpose and can register same. The land can be undivided equal share and the floor rights can be divided in the agreement on that it will be legal and the rights will pass to the legal heirs too.

2. yes you can get bank loan on registered agreement.

Just the agreement will do the land is already in your name.

Sir you can take loan based on the joint development agreement on the both the properties bank will give loan on the property,

This is in further response to you:

1. One of you becomes the applicant and another a guarantor;

2. Also you can execute a MOU between you both stating that you both will pay through a single loan account;

3. This is a private /personal settlement that you can make;

4. Also notarize the MOU.

Nowhere in the books of law that non blood relatives can`t be joint owner, for granting loan, only concern of bank is clear title.

Loan can be joint loan ( single mortgage deed ) or separate loan, separate mortgage.

Normally, a bank does not permit friends or relatives who are not blood relatives to take a loan jointly. Only if the coapplicant receives income from a regular source will that income be considered for determining the loan eligibility.

You can make a construction agreement and mention init that you would be constructing single property having 50-50% divided share between you both and mention which part will belong to you and which will belong to your brother.

You can get loan on that property on the basis of ownership in that land and construction.

1. Both the Land-Owner friends can execute a duly Stamp duty paid Registered Development Agreement (DA), for building a single building (G+1), with related amenities, with further conditions, to Sell /Transfer/ Gift/ Mortgage /Donate /whatever .... in future for their own built-up Floors, without any reference to each other.

2. Based on the said DA, put up proposal to the Bank to finance the Project (which will be done).

Keep Smiling .... Hemant Agarwal

1. You can build the house property jointly as per your desire i.e., on equal sharing in all the aspects including sharing the ground and first floor to each other.

You can enter into an agreement by a registered document to this effect before commencement of the construction.

Other than the dwelling house all other areas shall be in common to both.

2. You can get bank loan based ion the joint development agreement.

Yes Ajay, we would like to build a single house across those 260 yds combined.

Do we need to do any registrations again (For land or for the house floors) or just agreement will do??

Joint development agreement duly registered on the basis of the agreed proposal shall be the title document, no other procedures may need to be followed.

But I was enquiring about the loans and as per the banks it is not allowed 'Friends or non-blood relatives' are not allowed to take joint home loan.

You can clarify this from the bank because it is discretion of bank and there is no such hard and fast rules about it.