Transfer of my ownership right in joint property to my mother

2 years ago

Hi
Me and my brother are joint owners of a flat in Pune. We are jointly paying the home loan too. My query is- Can I transfer ownership of the flat to my mother so my mother and brother are the new joint owners? I have been transferring my share of home loan EMI to my brother. After I get out also, I can continue paying my share of the home loan EMI to my brother as my mother has no income. Is this legally possible? If yes, what is the procedure? Please advise.

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Abhimanyu Shandilya

Responded 2 years ago

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A.You can very well do so and legally there is no problem at all but there might be problem with the bank end as they may not be eager to change it from your name to your brother's name since it would mean more financial risk for them.

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Sidhaarth

Responded 2 years ago

A.you can make gift of your portion to your mother but in loan agreement there must be a clause that during subsistence of loan that neither you nor your brother can transfer or alienate any portion of property to any third party. Check your loan agreement

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Sidhaarth

Responded 2 years ago

A.Yes you can make gift of your portion to your mother but in loan agreement there must be a clause that during subsistence of loan you nor your brother can transfer or alienate any portion of property to any third party. Check your loan agreement.

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Kishan Dutt Kalaskar

Responded 2 years ago

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A.Dear Sir
With the consent of the bankers you can change ownership as proposed by you.

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Pardeep Kumar Dhiman Dhiman

Responded 2 years ago

A.Aap apni mother ko dwara registrar sale deed ownership transfer kar sakte hai. Or yadi EMI apke dwara di jaati hai to koi objection nhi hai.
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Anik

Responded 2 years ago

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A.hello,
You could transfer your share in your property in your mothers name. Also to add a new co-owner, the bank would have to create a new home loan agreement, which must be registered after paying the due stamp duty and registration charges. Also for further regarding loan contact your bank from which you and your brother took loan. Regarding transfer of ownership, you have complete right to transfer ownership of the property.

Thanks
if you find this review helpful, please rate.

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Ayantika Mondal @ Prime Legal

Responded 2 years ago

A.Hello,
You could transfer your ownership of the flat to your mother. In order to do that transfer all the shares in your name to your mother's name.
If you find this review helpful, please rate.
Thank you

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