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Can property be transferred on my name if loan was on brothers name
10-Dec-2023 (In Property Law)
I hd purcsd a flat on loan 4m icici bnk. Bein abroad culd nt get a loan. So my bro took loan on his name. Flat is on his N dads name. Now i want to pay up d bal n clear. He says.. bank has said to give NOC from all 3 bro as fathers name is involvd. Cant he transfer the flat in my name with the loan or after i pay d bal without an NOC. Kindly advice.
Reply to your query:-
At the outset contradictory statement that you had purchased a flat on loan from ICICI Bank, but being abroad could not get a loan.
Your brother applied for loan(nothing clear hence, home loan) on behalf of you by putting his name first as he applied loan (actually on your behalf) which was duly sanctioned and your daddy's name.
You have total 2 brothers (in other words your father having 3 sons)-you have not mentioned that whether you were re-reimbursing the entire loan installments amount to(monthly EMI) to your brother.,monthly basis or not.
Bank is not aware about your internal arrangements of funds so bank is right that bring NOC from all the sons/legal heirs /representatives of your father..
Your brother can not transfer the flat in your name since your father name also been inserted hence, even though it is your flat purchased on behalf of you by your brother, the NOC procedure must.
You have to provide documentary/monetary evidence that although your brother name is in sale-deed and also in share certificate it is your money only and you are buyer of the flat,
It is undisputed fact that you have to pay entire amount of loan+ interest and bank charges + out of pocket expenses+ registration fees etc to your brother.
whether have made any MOU or understanding documents/ affidavit/ whether power of attorney made by you to your brother. relinquishment deed to be prepare for giving away/surrendering his right since on paper your brother is owner(co-owner).
Even your brother NOC is must and for that you need to pay all his dues first with MOU that once he receive entire amount he will be binding to issue NOC to you.
Without NOC share certificate will not be in your name.+ you need to make one gift deed your father giving his right/ share in the said flat to you in your name.- hidden part since your father name is also mentioned in share certificate. -Father gift to son nominal expenses.
Try to finish the procedure as soon as possible if any thing adverse / against you then you may face litigation as bank and society knows your brother and your father as shareholder.
Hope its clear . however need to check the documents also hence, primafacie this is opinion.
Thank you
At the outset contradictory statement that you had purchased a flat on loan from ICICI Bank, but being abroad could not get a loan.
Your brother applied for loan(nothing clear hence, home loan) on behalf of you by putting his name first as he applied loan (actually on your behalf) which was duly sanctioned and your daddy's name.
You have total 2 brothers (in other words your father having 3 sons)-you have not mentioned that whether you were re-reimbursing the entire loan installments amount to(monthly EMI) to your brother.,monthly basis or not.
Bank is not aware about your internal arrangements of funds so bank is right that bring NOC from all the sons/legal heirs /representatives of your father..
Your brother can not transfer the flat in your name since your father name also been inserted hence, even though it is your flat purchased on behalf of you by your brother, the NOC procedure must.
You have to provide documentary/monetary evidence that although your brother name is in sale-deed and also in share certificate it is your money only and you are buyer of the flat,
It is undisputed fact that you have to pay entire amount of loan+ interest and bank charges + out of pocket expenses+ registration fees etc to your brother.
whether have made any MOU or understanding documents/ affidavit/ whether power of attorney made by you to your brother. relinquishment deed to be prepare for giving away/surrendering his right since on paper your brother is owner(co-owner).
Even your brother NOC is must and for that you need to pay all his dues first with MOU that once he receive entire amount he will be binding to issue NOC to you.
Without NOC share certificate will not be in your name.+ you need to make one gift deed your father giving his right/ share in the said flat to you in your name.- hidden part since your father name is also mentioned in share certificate. -Father gift to son nominal expenses.
Try to finish the procedure as soon as possible if any thing adverse / against you then you may face litigation as bank and society knows your brother and your father as shareholder.
Hope its clear . however need to check the documents also hence, primafacie this is opinion.
Thank you
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Adv. Darshan Modi
Mumbai | 25+ Answers
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