How to legally add co-applicant in loan
22-Aug-2023 (In Property Law)
Me and my brother purchased flat in Ahmadabad. For this property me and my wife are co-applicant in home loan and co-owner as well in sell deed because for some reason I can't add my brother as co-applicant. Loan installments will be paid by me and my brother in share of 50:50. Now how to do any legal document stating that me and my brother having ownership of 50:50 not between me and my wife.
That you need to execute and register Release deed for transfer of Half share in property in question or to obtain order from court for the said purpose because simply putting in writing in MOU or agreement do not solve the purpose. You need registered documents in your and your brother name. That loan is a separate matter at the discretion of bank subsequently you can add name of your brother also in bank record after transfer of property. But before doing the same you need to see whether any person from Bank is necessary since you cannot change ownership without permission of Bank or clearance of loan. That Just by making a agreement relating to the ownership and payment of instalment will not solve the issue as your brother will not be having anything in his name.
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