Transfer of ownership
1. I had purchased a DDA flat in Delhi with my brother in 2012. We had taken a bank loan.
2, Initially we both paid EMI equally (50% each).
3, My brother bought another flat in his own name and stopped paying EMI of his share in the first flat.
4, From 2014 I have been paying full amount of EMI.
5. Bank loan is still outstanding. But I wish to get the full flat transferred in my name, My brother also wishes to transfer his share in my name.
6. As the bank loan is still there, how the flat get transferred in my name. What are the methods.
7. If we execute sale deed then what consideration amount is to be shown in the deed as the loan is being paid by me. (We have taken loan of 80% of the property value and remaining 20% we both paid).
8. Bank has refused to transfer the complete loan in my name and asked me to first finish the loan.
9. Suppose the price of flat is 22 lakh and we paid 4 lakh from our pockets and remaining 18 lakh through bank loan. So each person's share in the price will be 11 lakh (9 lakh from loan and 2 lakh from his own pocket). Now if we execute a sale deed then how much consideration amount is to be mentioned in the deed as I am paying his portion of EMI and he has paid only 2 lakh from his sources. Please guide me the complete procedure that we should follow to get the flat transferred.