Hello,
Ask your brother to execute a relinquishment deed. Always keep the bank informed.
Hope this helps.
Regards
Which deed is suitable?
1)7 years back , I purchased a flat. As per my information, my real brother is a co-applicant in Loan and his name has been included in the sale agreement also. How to find out if my brother is a co-applicant, or if he is a co -owner? 2) I have paid all the EMI till date and will pay till the end. I want to remove my brother's name from the sales agreement. What is the correct procedure to remove him? Which deed is suitable for my condition? And my brother is ready to sign any document. 3) Chronologically, should I remove my brother from a home loan first, or should I remove him from a Sales Agreement first?
Asked 1 hour ago in Property Law
Religion: Hindu
3 Answers
1) loan has been granted based on your combined incomes
2) you need bank consent to remove your brother name as co applicant from home loan
3) loan agreement would mention names of applicants
4) if sale agreement mentions name of both parties both would be co owners
5) is it registered sale agreement kindly clarify
6) brother can execute gift deed for his share in flat but bank consent would be necessary as flat is mortgaged to bank
1. Check the registered sale deed and find out whether your real brother's name, apart from your name, has appeared in the sale deed as Purchasers. If the answer is yes, In that case, your brother is a co-owner. Alternatively, in the registered sale deed, only your name has appeared as Purchaser, then it can be presumed that your brother is a co-applicant.
2. Under the given circumstances, let your brother execute a registered Release/Relinquishment Deed for the flat in your favour.
3. You can remove your brother's name first from the home loan.
