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Foreclosing my share of loan against property on our joint home.
7 months ago
Foreclosing my share of loan against property on our joint home. Asking my borrower to pay the rest..Build a house on top of the house which is on loan against property and get it written in my name
I and my brother are owners of a house. We took a loan against this property of Rs 2000000 from which we split the amount into Rs 4,00,000 lakhs for which i will pay the monthly interest and Rs 16,00,000 for which my brother will pay the monthly interest.Now i want forclose my loan by paying the entire 4 lakhs. Can i ask the bank to get emi from my brother alone hereafter and release me from the debt. I am also planning to build a 3bhk house on top of this house which i want it to be written on my name seperately
A.Dear
The situation you described involves co-ownership of a house with your brother and a joint loan against the property. You want to foreclose your share of the loan, pay your portion of the debt, and have the new construction (3BHK house) on top of the property registered in your name separately.
1. Foreclosing Your Share of the Loan:
You can contact the bank or financial institution that provided the loan and express your intention to foreclose your share of the loan. They will guide you through the process, which typically involves paying off your portion of the outstanding loan balance.
2. Responsibility for Future EMIs:
After you have foreclosed your share of the loan, it is essential to communicate with the bank to ensure that they only collect EMIs from your brother for his share of the loan. You may need to provide written instructions to the bank regarding this change.
3. Ownership and New Construction:
To construct a new 3BHK house on top of the existing property and have it registered in your name separately, you need to follow the local building and property registration laws and regulations in your area.
Once the construction is complete, you can approach the appropriate authorities for registering the new construction in your name as a separate property or obtaining an occupancy certificate, as required by local regulations.
4. Legal Documentation:
It's crucial to have clear legal documentation for the new construction and its ownership. Consult with a legal professional to draft the necessary agreements and documents to ensure that your ownership rights are protected.
regards
The situation you described involves co-ownership of a house with your brother and a joint loan against the property. You want to foreclose your share of the loan, pay your portion of the debt, and have the new construction (3BHK house) on top of the property registered in your name separately.
1. Foreclosing Your Share of the Loan:
You can contact the bank or financial institution that provided the loan and express your intention to foreclose your share of the loan. They will guide you through the process, which typically involves paying off your portion of the outstanding loan balance.
2. Responsibility for Future EMIs:
After you have foreclosed your share of the loan, it is essential to communicate with the bank to ensure that they only collect EMIs from your brother for his share of the loan. You may need to provide written instructions to the bank regarding this change.
3. Ownership and New Construction:
To construct a new 3BHK house on top of the existing property and have it registered in your name separately, you need to follow the local building and property registration laws and regulations in your area.
Once the construction is complete, you can approach the appropriate authorities for registering the new construction in your name as a separate property or obtaining an occupancy certificate, as required by local regulations.
4. Legal Documentation:
It's crucial to have clear legal documentation for the new construction and its ownership. Consult with a legal professional to draft the necessary agreements and documents to ensure that your ownership rights are protected.
regards
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A.Dear Client,
In a jointly borrowed loan for jointly owned property, one borrower cannot relieve himself from the liability jointly owed by both of you even when you repaid or foreclosed your share in the said loan until and unless the entire amount of the loan is not repaid. You may approach your Bank although it is not viable so far as the nature of the loan is concerned.
In a jointly borrowed loan for jointly owned property, one borrower cannot relieve himself from the liability jointly owed by both of you even when you repaid or foreclosed your share in the said loan until and unless the entire amount of the loan is not repaid. You may approach your Bank although it is not viable so far as the nature of the loan is concerned.
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