Rahul (Teacher) 24 March 2015

Release deed

Hello - I would appriciate if any of you can provide the valuable suggestion for my query see the details below -

Me and my wife purchased a home in Indrapuram Ghaziabad UP in 2012 , we took a joint home home loan and property is registered in both of us. I am the primary person for loan who is paying the EMIs from my account . NOW i want to remove her name from the loan and property too . This is mutual decesion . Bank will not remove her name from the loan untill property is registed/transfered in my name completly. can you please give me suggestions how would we transfer her portion to me ? what would be the best deed for us ? what would be the stamp duty on that deed.? How would we start the process because the loan is still active.

I want her name to be completely removed from the loan and transfer her portion of property to me. This is mutual decsion as I said above but I want to know what document we use throught which we save some money and get the things done according to our wish.

Thanks

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11 Replies

kavksatyanarayana (subregistrar/supdt.(retired)) 24 March 2015

get a relinquishment/release deed from your wife for her 1/2 share in favour of you. if you can go to settlement deed also. but the best is relinquishment deed. this is for information.

Rahul (Teacher) 24 March 2015

Thank You - Would bank be ok with this reqlishment deed ? and do i need to register this ? if yes What would be the stamp duty charges ? Once this is registered would I get complete ownership rights of the property ?

Kappil Cchandna (Expert Bail & Criminal Defence Lawyer at Delhi Supreme Court of India) 25 March 2015

Sir, Relinquishment deed is fine ... Yes after getting the same you can get the property registered in your name .... I think the charges vary from place to place .... It could be somewhere 4% ... Yes you will the complete ownership rights .... Regards Kapil Chandna Adv 9899011450

Rahul (Teacher) 25 March 2015

Thank you for responding Kapil, This property is financed by bank and do you think they will agree with this and get the loan refinanced with my name only ? They hold the orginal documents of the property

Rahul (Teacher) 25 March 2015

and on what amount this 4% applies ?

kavksatyanarayana (subregistrar/supdt.(retired)) 25 March 2015

@AUTHOR, ON THE 1/2 SHARE AMOUNT. THE STAMP DUTY SHALL BE PAID ON THE CONSIDERATION OR MARKET VALUE OF THE PROPERTY WHICHEVER IS HIGHER. THE STAMP DUTIES ARE DIFFERENT FROM ONE STATE TO OTHER STATE. SO PLEASE MEET THE REGISTERING OFFICER OF YOUR JURISDICTION.

Rahul (Teacher) 25 March 2015

Thanks you but my unanswered question is still there - Do bank agree with this approch on the financed property ? Thank for your help and advices in advances.

Subash M R (Advocate) 25 March 2015

Keeping in mind with due respect to all above answers,it is suggested that you go for a gift deed with obtaining consent from the bank side.

Thanking you,

Rahul (Teacher) 25 March 2015

Mr. Subash I respect your advice but bank wont agree gifting something which my Wife dont belong and one cant gift which doesnt belong to him/her. If I go with Relinquishment deed that means she is giving her whatsoever rights to me and bank will be fine with that (I hope) because bank wants 100% property in my name before they close this joint loan . Suggestions welcome

Subash M R (Advocate) 26 March 2015

What i meant that let your wife transfer her 50% share(as per record) in the property in your favour by way of a gift deed thereby making you absolute (100%) owner of the same.

Thanking you,