Transfer of ownership of mortgage flat
Me and my brother owns a flat in pune which finances by sbi. loan is also taken jointly.now my brother wants to take new house for him. So I want to remove his name from flat ownership and add my wifes name on the house and replace his name in bank loan also.
please advise is it legally possible and of yes how I can do this to transfer of ownership and loan on my wifes name.
Asked 2 years ago in Civil Law from Pune, Maharashtra
1. Has the sale deed of the flat has been registered in the name of you and your brother?
2. If yes, then your brother can execute and register a Gift Deed in favour of your wife on being releived of his repayment responsibility of the loan he has taken alongwith you and also being paid the amount he has paid on this account, if any,
3. Talk to the Bank for shifting the loan liability from your brother to your wife.
1) i presume sale deed has been executed by builder in respect of said flat .
2) before taking any such steps obtain bank written approval .
3) loan can be transferred from your brother to your wife only if bank approves .
4) your brother can execute gift deed in your wife favour . have it duly stamped and regd .