Wife is not paying emi who will own the property after loan is cleared
23-Nov-2023 (In Property Law)
I acquired my father's property after his death, and getting registered gift deeds from my brothers and my mother. Obtained a join loan from SBI with my wife as co-applicant, after mortgaging the property to bank. The EMI is being deducted from the joint bank account of me and my wife, where wife contribution is zero. After the clearance of loan, to who's name the property will be registered back? in my name or my wife?
Hello,
If loan s availed and emi s paid through joint account and contribution of wife to that amount s zero s not taken into consideration for saying in whose name the property should be registered.
Since its your father 's property you have got a share over it and the share of your mother and brothers are being gifted to you so the whole property stands in your name.
Even if the loan is availed through joint account the title over the property remains with you.
In case if she has contributed any money for clearing loan she 's entitled only to that amount and not property.
If loan s availed and emi s paid through joint account and contribution of wife to that amount s zero s not taken into consideration for saying in whose name the property should be registered.
Since its your father 's property you have got a share over it and the share of your mother and brothers are being gifted to you so the whole property stands in your name.
Even if the loan is availed through joint account the title over the property remains with you.
In case if she has contributed any money for clearing loan she 's entitled only to that amount and not property.
If you have to pay all the EMI then why you have made your wife as co-applicant. If you can rove through the bank statements that your wife's contribution is zero then you have to prove it when your wife disputes about it. Hence, it depends on your understanding.
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