How to transfer ownership of the flat and what are the charges for it?
28-Feb-2023 (In Property Law)
My husband and his sister had bought a flat together in Mumbai. They had taken a loan jointly for the same. Thus, they are joint owners of the said flat. Now since my sister-in-law is married now, we want to remove her name from the joint ownership and loan liability and put my name instead. What is the procedure to do the same?
To make a transfer of ownership your sister-in-law can either make a gift deed or a relinquishment deed in your favour. Such a document should be properly stamped and registered.
Before making this deed it is important to take the consent from the lending bank, to remove your sister-in law’s name from joint ownership. For this you and your sister-in law are required to make an application in the bank to substitute your name as co-borrower along with your husband, in place of your sister-in law.
For doing the above acts, you shall have to take a written permission from the lending bank since you cannot deal with the mortgaged property in any way without the written consent of the mortgagee (i.e. the bank).
Before making this deed it is important to take the consent from the lending bank, to remove your sister-in law’s name from joint ownership. For this you and your sister-in law are required to make an application in the bank to substitute your name as co-borrower along with your husband, in place of your sister-in law.
For doing the above acts, you shall have to take a written permission from the lending bank since you cannot deal with the mortgaged property in any way without the written consent of the mortgagee (i.e. the bank).
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