• Transfer of property

I and my brother hold an agreement to our house and we are jointly paying the emi for home loan.   my organisation is giving me benefits for home loan and the criteria for the same is that the property should be in my name and not with my sibling.  How can the property be transferred to my name.  What are the ways for the same and what are the charges involved.
Asked 2 years ago in Property Law from Navi Mumbai, Maharashtra
Religion: Hindu
1) it is not necessary that property should be solely in your name . it is sufficent if property is in joint names including yours 

2) your brother can execute sale deed in your favour to transfer 50%share in house in your name . 

3) in the laternative your brother can execute gift deed / relinquishment deed in your favour

4) however you would need bank consent for transfer of house solely in your name . 

5) please note that no third party rights can be created during pendency of loan without bank consent 
Ajay Sethi
Advocate, Mumbai
35296 Answers
1958 Consultations

5.0 on 5.0

Hi,
 If the joint loan can be transferred in your single name , your brother can make a gift deed and transfer it in your name, this will help you to save stamp duty on the transfer.If your brother agreeable to this and the bank is ready to transfer the loan in your name alone.
First get the transfer of loan in your name , then transfer his share of property by gift, sale or release deed in your name.
Gift deed is the best option.
For the gift deed you will have to make only the 3% stamp duty and 1% registration charges in Maharashtra .
Though the Government has come up with the relaxation of stamp duty in the gift deed in family, that is finally only effective parents to children not vice- versa  or among siblings 
Thresiamma G. Mathew
Advocate, Mumbai
1478 Answers
119 Consultations

5.0 on 5.0

1. Has the deed of conveyance been executed? 

2. The property cannot be transferred in your name unless your brother executes a deed of relinquishment in your favour.

3. The only charge involved is the fee of your lawyer.
Ashish Davessar
Advocate, Jaipur
21375 Answers
572 Consultations

5.0 on 5.0

1. The property is being co-shared by you and your brother,

2. It will be completely yours if your brother gifts his 50% share of the property to you,

3. Negotiate with your brother and get a gift deed executed and registered in your name by him, if he agrees at all for gifting you his share of the property.
Krishna Kishore Ganguly
Advocate, Kolkata
15164 Answers
368 Consultations

5.0 on 5.0

If your brother is jointly owning the property along with you, for the practical issue, you may request him to relinquish his rights in your favor and execute a registered release deed which will make you the absolute owner and can proceed with the further necessary action. 
T Kalaiselvan
Advocate, Vellore
25285 Answers
248 Consultations

5.0 on 5.0

Ask a Lawyer

Get legal answers from top-rated lawyers in 1 hour. It's quick, easy, and anonymous!
  Ask a Lawyer