Release Brother's Property Stake from Flat in Faridabad

526 votes

Hello Sir/Mam the property is hypothecated, you must get a No Objection Certificate (NOC) from ICICI Bank. Draft the Appropriate Deed such as Relinquishment Deed OR Gift Deed. Feel free to contact us for further Assistance or advice. Thank You Regards Advocate Kuber Hooda

Advocate Kuber Hooda LawRato

762 votes

Hi! Your brother will have to execute a transfer deed in your name and you will be sorted. It can only be done if your brother agrees to it. Feel free to give us a call to discuss in details. As for fees, it can vary from 5k-10k.

Advocate Manjeet Yadav LawRato

945 votes

Subject: Releasing Co-owner’s Stake in Hypothecated Property – Faridabad, Haryana Dear Thank you for your query. Since the property in question is jointly owned (80%-20%) and currently mortgaged with ICICI Bank, the process for transferring your brother’s 20% share in your favour involves both legal execution and compliance with lender consent and registry rules in Haryana. Step-by-Step Legal Process: 1. Obtain NOC from ICICI Bank Since the property is under mortgage, you must obtain a No Objection Certificate (NOC) or consent letter from ICICI Bank permitting the release of the 20% share by your brother. Fee: Usually no charge, but some administrative/legal fees may be applicable by the bank. 2. Execution of Relinquishment Deed (Renunciation of Share) Your brother will need to execute a Relinquishment Deed (also called a release deed), relinquishing his 20% share in your favour. It must be done voluntarily and without consideration (if it's a gift). If consideration is paid, then it becomes a sale deed, and stamp duty changes. 3. Stamp Duty & Registration Charges in Haryana (Faridabad) Relinquishment Deed (between blood relatives like siblings): Stamp Duty: ₹200 Registration Fee: ₹1,000 to ₹2,000 Sale Deed (if consideration is paid): Stamp Duty: 5% to 7% of market value of share being transferred (as per collector rate) Registration Fee: Approx. 1% of the consideration or ₹15,000 max. 4. Registration at Sub-Registrar Office The deed must be registered at the Sub-Registrar, Faridabad with original ID proofs, PAN, photographs, and property documents. Documents required: Original sale deed NOC from bank ID/address proof of both parties 2 passport-size photographs PAN cards Property tax receipts Post-Registration Steps: Inform ICICI Bank and update their loan records. Apply for mutation at Municipal Corporation Faridabad (MCF) to update ownership records. Legal Advice: Prefer Relinquishment Deed if your brother is not seeking money. Engage a local advocate to ensure title transfer and loan interest are secured legally. Ensure all changes are communicated in writing to the bank to avoid future disputes. Let me know if you'd like a draft of the relinquishment deed or assistance in completing the procedure through the Sub-Registrar. Best regards, Mahinder Singh Mavi Advocate, Faridabad

Advocate Mahinder Singh LawRato