Registering property with mother/sibling's name along with my own name Registering property with mother/sibling's name along with my own name

3 years ago

Hello, I am going to buy a property soon. I am a first time buyer and I'm unmarried. I will be availing loan on my property however I wanted to know whether I can add my mothers name or my siblings name in the property paper. Reason being we are selling our previous flat which is owned by my mother and we are moving to a more spacious flat. As a first time buyer, I will be also claiming the tax deduction of Rs. 2 lakhs. But since I am taking the loan for the remaining amount after selling our house, can I add my mothers name or my siblings name in the papers.

Jagannath S Pawar

Responded 3 years ago

A.Yes you can. However for tax and loan purpose you better approach good CA in your area.
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Ayantika Mondal @ Prime Legal

Responded 3 years ago

A.Hi,
yes, the registration can be done in joint names, however, if any one person is taking a loan, then the bank would not permit the inclusion of any other person's name as joint owner of the property unless it is husband and wife.
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Anik

Responded 3 years ago

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A.Hi,
Surely you can add the names of the persons you want to, however, if any person is taking a housing loan, then essentially the bank would not permit the inclusion of any other person's name as joint owner of the property unless it is husband and wife.
Therefore, you should get it done in your name and subsequently after having repaid the loan, prepare a new agreement by the registry.
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