Joint ownership and joint home loan

Querist : Anonymous (Querist) 23 February 2018 This query is : Open
Dear Experts,

Me and my brother jointly own a flat in mumbai. As he didn't had enough money to buy his 50% share he applied for a home loan with SBI, Our shares are not defined in sale agreement done between us and the builder, but I am the First owner in the sale agreement. I paid my share by selling my under construction house. Even though he has sufficient income to pay the Emi's, Bank asked for co-applicant as per their rule. So I became the co-applicant in the home loan. Since then the EMi's are paid by him only.

Now due to some family disputes I don't wish to stay with him. I offered him his 50% share with the equivalent appreciation on it, but he refuses to leave. The offer he is giving is too low as per market rate of today. I also offered to sell it to third party and share the consideration in return, that too he refused. He said he wont leave the house nor will sell. I am stuck in between as I am not getting my money or property and also have home loan liability on my head. My income is that much, I can't even go new home loan because of the present loan going on.

In the above situation what legal action I can take to come out of it. Is there anyway to come out the home loan burden at least. I can transfer my share to my wife, if required. Kindly help.

Thanks in advance

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P. Venu

(Expert) 24 February 2018
The query suggests deeper issues. What is the other 'home loan liability'?

Querist : Anonymous (Querist) 24 February 2018
Yes, it is indeed a deeper issue, can't understand what to do. Thus request you all experts to help me out. Home liability here means the liability I am carrying because of me being joint owner and co-applicant to the loan.

Dr J C Vashista (Expert) 26 February 2018
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