Joint ownership

GAUTAM KUMAR (Querist) 16 November 2013 This query is : Resolved
Dear sir/madam,
There is land in name of my father as owner.I want to become joint owner of that land for the home loan as joint co-broowwer. So kindly tell me the procedure for becoming
joint owner of the proprety and what kind of joint ownership will be fruitful for joint-broowwer in case of sanctiong the home loan .

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ABDUL RAZIQUE (Expert) 16 November 2013
As per my knowledge the property Deed should be in joint name. for more information consult bank home loan department.

Raj Kumar Makkad (Expert) 16 November 2013
In the given situation, you need not get the ownership changed in your name just for the purpose of join borrowing. Even if the banker insists to do so then your father shall have to register a gift deed in your name which shall require stamp duty as per State rule.

malipeddi jaggarao (Expert) 17 November 2013
Banker will insist you join as co-borrower to decide the quantum of home loan as your father might not be having sufficient income to assess the capacity of repayment (basing on his IT returns). You can as well join as co-borrower even though property is not in your name.

Rajendra K Goyal (Expert) 17 November 2013
Loan can be taken as joint borrower with your father even if the land is not in your name. While calculating quantum of loan and EMI income of both would be considered jointly.

ajay sethi (Expert) 17 November 2013
you want to become joint owner of land .for said purpose your father will have to execute gift deed in your favout to enable you to be joint owner of land .

Surrender K Singal (Expert) 17 November 2013
You may also have to consider other family considerations, particularly if your father has other heirs, as well

BAALASUBRAMANNYAMM (Expert) 19 November 2013
Agreed with the opinions of Mr. Makkad Sir and Mr.Ajy Sethi. If you want to become an owner of the property, you should have to get a "Gift Deed" for some portion, from your father.Other than that, no document should say, that you are the joint owner.