• Families property on brother’s name

Hi 
We have bought a home in Bangalore, with investment from me as down payment and my brother applied for bank loan as loan. 

As bank was not allowing us to register the home on both of our name, we registered with my brother’s name.

As the property is mortgage to bank now, is there any way I can get legal sanity for 50% I paid. If not any workaround
Asked 3 years ago in Property Law
Religion: Hindu

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8 Answers

As the property is registered on your brother's name, you cannot claim 50% share in it as a right.

It becomes your brother's own and absolute property as far as law is concerned.

However if you have proofs to prove that you have funded for the purchase of property, you can issue a legal demand notice to your brother to return your amount that you have invested in the property stating that it was a loan amount and that he is bound to return the same with interest or to transfer 50% of property in your favor by a registered deed. 

T Kalaiselvan
Advocate, Vellore
89977 Answers
2492 Consultations

Yes you can get the same. If not given you can approach court by filing suit for said direction

Prashant Nayak
Advocate, Mumbai
34514 Answers
249 Consultations

1. Even though the property is mortgaged to the Bank and a charge has been created over the property, let your brother gift 1/2 share to you by executing a Gift Deed in your favour to be registered in the jurisdictional Sub Registrar's Office at Bangalore.

2.  In case, the above solution is not possible, then let your brother execute a WILL naming you as beneficiary for 50% of the property, to be on the safer side.

Shashidhar S. Sastry
Advocate, Bangalore
5623 Answers
339 Consultations

Enter into MOU with brother that on repayment of loan he would execute sale deed for 50 per cent share in flat in your name as you have paid x amount for purchase of flat 

Ajay Sethi
Advocate, Mumbai
99775 Answers
8145 Consultations

If you have contributed towards purchase of house however small contribution it may be, you are joint owner of house though the  house is purchased in name of brother for loan formalities.

Ravi Shinde
Advocate, Hyderabad
5125 Answers
42 Consultations

- If the property is registered only in the name of your brother ,  then he is only owner of the said property legally and you cannot claim any share over the same. 

- Further, as the property is in the name of brother , then the bank may sanction the loan only in his name , and hence what ever the amount will be paid to the bank even by you , then also bank will consider and release the mortgaged documents in favor of your brother only. 

- Hence, you can enter into a registered agreement with the brother after mentioning that this property was booked by you after depositing the down payment and further emi of the bank was also paid by you both , and hence you are the 50% owner of the property. 

- Further , on the date of full payment of the loan amount, you brother will transfer 50% share of the property in your name after executing a sale deed or gift deed. 

Mohammed Shahzad
Advocate, Delhi
15814 Answers
242 Consultations

Hi, Ask your brother to execute Gift Deed  of an undivided share of 50% in your favor.

 

2. As per law the Bank can't restrict registration to one person.

Pradeep Bharathipura
Advocate, Bangalore
5625 Answers
339 Consultations

Dear client in this case you may file a partition suit against the property of provide a proof for the same. 

Anik Miu
Advocate, Bangalore
11014 Answers
125 Consultations

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