• Property purchased backed by NRI Loan - Adding spouse name later

Hello,

I am an Australian Permanent Resident and am planning to buy a property in India backed by an NRI loan. As per the rules, I will be jointly owning the property with my father (who is a resident) and he will have the Power of Attorney to the property.

I am planning to get married to my fiance next year and would want to add his name as joint owner to the property after the marriage and wanted to know:
1] If I could do that - add my fiance's name as a joint owner after the marriage
2] Will I need my father to approve this addition since he will hold the Power of Attorney to the property or will I be able to do it since the loan is in my name ?

I will be very grateful if you could help me with this.
Asked 4 years ago in Property Law
Religion: Hindu

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23 Answers

You can execute gift deed in favour of your husband by transferring 25 per cent share in property to your husband 

 

2) further you need bank consent to add your husband name 

 

3) bank will not give consent unless loan is repaid 

 

4)you should not add your husband name immediately after marriage 

 

5) wait for some years then take a call 


You can execute gift deed in favour of your husband by transferring 25 per cent share in property to your husband 

 

2) further you need bank consent to add your husband name 

 

3) bank will not give consent unless loan is repaid 

 

4)you should not add your husband name immediately after marriage 

 

5) wait for some years then take a call 

Ajay Sethi
Advocate, Mumbai
94712 Answers
7530 Consultations

5.0 on 5.0

1. Yes that can be done.

2. Yes, your father's approval will be required. 

Rahul Jatain
Advocate, Rohtak
5365 Answers
4 Consultations

4.8 on 5.0

1. If the property you are buying is not an agricultural property, then you can add your fiancee's name as one of the co-owners, alongwith you and your father.

2.  Since the funding to the property is from your side, even though your father is also a co-owner and a POA holder, your father will not have a say in your decision of adding your husband (then). 

3.  However, after your marriage, you will be morally obliged to inform your father of your decision to include your husband (then) as one of the co-owners of the property.

Shashidhar S. Sastry
Advocate, Bangalore
5115 Answers
314 Consultations

5.0 on 5.0

1. If presently you are only executing sale agreement then ar the time of registering sale deed you can add anyone's name.  After registration of sale deed this is no more possible unless you gift your share partially or fully through a registered gift deed. 

2. You being the Principal there is no requirement to take approval from anyone least from PPA holder. 

Devajyoti Barman
Advocate, Kolkata
22821 Answers
488 Consultations

5.0 on 5.0

Dear sir,

As per your say your gonna add your fiance name after marriage; after marriage she will be your wife not a fiance. Henceforth you can add her and your father approval is not  necessary but you have to inform that your gonna add her and be a party to the sale deed jointly and GPA of jointly your father have to hold for registration @!

Ayesha Sultana
Advocate, Bangalore
280 Answers
1 Consultation

Not rated

1. IF property will be mortgaged to a Financing Agency, THEN further name in the Title Ownership can be added anytime via a registered Gift Deed,  "ONLY" after a proper NOC from the financing agency is obtained.

2. You may prefer to have open clauses in the POA for your specific requirements  .OR.  you may issue a new POA for specific purpose of Gift Deed registration, obtaining Bank NOC and registering other documents of future dates.

Hemant Agarwal
Advocate, Mumbai
5612 Answers
25 Consultations

5.0 on 5.0

1. See in case you and your father are joint owner of property , you may gift him from your share of property after bank NOC and make him joint owner. A gift deed for same can be made.

2. No noc is required from father is required. Further in my view if loan is your name you should be absolute owner of your property adding name of father in joint property not required.

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

1. After getting the property registered in the joint names of you and your father,  especially under a bank loan,  you cannot add your would be life partner as a joint owner to the property as per your whims.

You may have to transfer  a portion of the property to him by executing a registered gift deed after which he will become one of the owners. 

This may not be possible till your home loan has been fully discharged to the bank. 

2. Read the above answer. 

Besides,  since your father is one among the joint owners,  he has to consent for this arrangement even if bank nods for a NOC in this regard. 

T Kalaiselvan
Advocate, Vellore
84913 Answers
2194 Consultations

5.0 on 5.0

Both of you have to give power of attorney to your father.

Swarupananda Neogi
Advocate, Kolkata
2964 Answers
6 Consultations

4.7 on 5.0

If you refer to the RBI Master Circular dated 1.7.14 bearing no. 4/2014-15, I do not see any restriction as such if your fiance also satisfies the conditions as applicable for an Indian resident outside India or a PIO resident outside India

So if your fiance is a PIO then you and your dad can execute a gift deed in his favour 

In that event all 3 will become equal co owners having 1/3rd undivided share each

If your father does not wish to transfer half of his 50% share in the property to your fiance, then in that event your 50% share will be split into 2 such that you and your fiance will hold 25% each and your dad will hold 50%

The transfer as above can be done by your dad on your behalf using your POA to him

Yusuf Rampurawala
Advocate, Mumbai
7510 Answers
79 Consultations

5.0 on 5.0

You can only do it if the same is general poa for doing all the things with the said property. It's better to take consent from father to do anything which is not included in the earlier poa. 

Prashant Nayak
Advocate, Mumbai
31946 Answers
179 Consultations

4.1 on 5.0

Hi

To transfer the part of it to your partner's name or adding his name which requires a registered transfer through gift deed. You don't need your father's permission to transfer part of your share since you are also holding equal share.

 

power of attorney is only a right to do things on your behalf in your absence. When you are in person available you can directly  sign. This is the situation where your father hold 50 percentage of the share and you hold 50 which you can share it with your partner, the ratio will be 50:25:25 between you three.

If you think there should be an equal share for the three  of you,then you along with your dad will have to sign the transfer deed/gift deed making the share 1/3 for each. The transfer requires your partner's or his Attorney's presence.

For time being issuing a power of attorney to your father to administer the matters is very fine which doesn't require registration. If you want your father to user the power to sign and execute a transfer deed then it should be a registered POA assigning  that power.

If you need your father to use the power to transfer your share then  it should be a registered POA.

Once you and your partner after marriage can issue a joint POA if you both are unavailable in India to look after the property of your share.

Thresiamma G. Mathew
Advocate, Mumbai
1642 Answers
212 Consultations

5.0 on 5.0

Hello Ma'am,

You cannot "add a name" as a joint owner. The right procedure would be to execute a gift deed in your fiance's name (husband then). In order to execute that gift deed you'll first need to repay the loan because as of now the property is mortgaged with the bank. Thereafter you'll have to get the gift deed registered and pay the stamp duty. 

Even though the loan is in your name, your father is a joint-owner and therefore his consent would be required (because his share would be altered). His consent would not have been required if he was merely as GPA holder. 

Hope this answer helps.

Best wishes.

Agam Sharma
Advocate, New Delhi
617 Answers
6 Consultations

5.0 on 5.0

1. This option will be open for you; however you can give him a share only out of your stake/share in this property and not out of your father's share.

2. No need for your father's consent as long as you will only part away with your share in this property in favor of your fiance. 

Vibhanshu Srivastava
Advocate, Lucknow
9600 Answers
303 Consultations

5.0 on 5.0

1. Since, you are planning to purchase the property by an NRI loan , hence you will have to registered the property in your and fathers name .

- Further, without leaving Australia , you can perform the same after giving POA in favour of any relative in India . 

- Further, without the permission of the bank from where you will take the loan , you cannot transfer in the name of your fiancee legally. 

2. No approval is required from your father., as the said property would be in the joint name i.e you and your father.

Mohammed Shahzad
Advocate, Delhi
13214 Answers
198 Consultations

5.0 on 5.0

Hello,

  1. As the ownership of the property is joint, you will need to involve your father is adding the spouse as co-owner. This would additionally entail that the Power of Attorney has to be re-done as there is a new co-owner whose signature would also be required on the document.
  2. Although the loan isin your name, the property as per the document belongs to you and your father jointly and hence, you can not make a unilateral decision.

 

S J Mathew
Advocate, Mumbai
3547 Answers
175 Consultations

5.0 on 5.0

You can add you're finance's name after marriage. with the help of father's NOC.

Ganesh Kadam
Advocate, Pune
12930 Answers
255 Consultations

4.9 on 5.0

By executing gift deed, he will be joint owner.

You have father will be co owner so to make your husband joint owner, you have gift 25% share out of your 50% ownership.

Than your father will own 50% and you and your husband 25% each.

Yogendra Singh Rajawat
Advocate, Jaipur
22633 Answers
31 Consultations

4.4 on 5.0

1) It is not advisable to add name of your fiance in the transaction.  Get married, thereafter, you can get his name incorporated.

2) First get married, lead matrimonial life with him after lapse of reasonable time you can get his name incorporated in the same.

By your act, it does more harm than good.  Just get it registered in your name and that of your father's name.  

Going forward, you can take a call.

S Srinivasa Prasad
Advocate, Hyderabad
2876 Answers
9 Consultations

5.0 on 5.0

you can execute gift deed in favour of your  fiance. 

as a co owner you can execute gift deed from your share without consent of your father. 

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

Yes you can add name of your fiance as joint owner of the property.

You will need NOC from bank for adding co-owner of the property and permission from your father will not be necessary for adding joint owner if you are going to gift some of your share from the property to name of your fiance.

 

Mohit Kapoor
Advocate, Rohtak
10687 Answers
7 Consultations

5.0 on 5.0

1. You can not just add her name as the title holder of the said property.

 

2. Either your father or yourself shall have to register a ghift deed conveying the full or part of your share of the said property in her favour thus making her joint title holder of the said property.

 

3. Your father might refuse to gift his share of the property but you can gift her your share of the property by registering the gift deed even when you have executed a POA in favour of your father.

Krishna Kishore Ganguly
Advocate, Kolkata
27219 Answers
726 Consultations

5.0 on 5.0

Yea you may do that as there are no legal restrictions on it.

As you have given him a special power of attorney and the real owner is you, you have the power to add him.

Rahul Mishra
Advocate, Lucknow
14088 Answers
65 Consultations

5.0 on 5.0

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