Joint Property Ownership - Transfer from One Sibling to another
Hi, I have bought a property back in 2010 for which I had taken a Home Loan, in order to get required Home Loan amount .i.e. few lakhs more then, what I was eligible on my salary, I took a joint home loan with my brother, now since the inception of the loan I have been paying total EMI of the property every month till date, my brother has no contribution from his side till date in the monthly EMI amount or for any other expenses of house .i.e. property tax, society maintenance, water bill, electricity bills etc.. plus he got a married a couple of years ago and moved to a different city das well with his wife and kids, he currently stays on rent and is also looking to buy a property for himself. Now my question is that since I have been paying Home Loan EMI since inception and also made the down payment when I bought the property, My Home Loan is still going on and it will take another 7 to 8 to complete then how do I get the property transferred to my name instead of joint ownership while Home Loan is still going on. Gift deed or surrender deed will attract stamp duty cost, can power of attorney be an option. please advise which is the best option with minimal cost.