home loan/property transfer/ co-ownership?
Benjamin Jacob
(Querist) 22 June 2011
This query is : Resolved
Hi,
I have a home loan for a property in Navi Mumbai and of-course the house is in my name. Due to work, I live in Bangalore whereas the rest of my family stays in the said house in Navi Mumbai.
For all purposes, it seems I've to be present for a lot of things, some of them being:
1. To be able to vote in the society elections
2. To participate in the societ meetings
3. To avail the society's club membership
etc.
Is there any way for my brother or any family member to be an equal owner in the poperty? How does this affect the above issues? My brother's is a businessman, so not sure about the bank rules w.r.t. home loan/transfer.
Ideally, I would want the house to be in his name, or at least joint ownership and I continue paying for the home loan (it helps me in my tax purposes as well)
What is the best way/solution for this?
- Benjamin Jacob
prabhakar singh
(Expert) 22 June 2011
you are advised to execute a power of attorney for these purposes in favor of a person of your choice.
Benjamin Jacob
(Querist) 22 June 2011
We have had that done.
Does a power of attorney enable that person to do the list of the things mentioned above, e.g. vote in the elections, take all calls whatsoever instead of me?
Shashikant V. Patil
(Expert) 23 June 2011
For to vote of society election , you have to be remain present physically, because you are the bonafied member of society and bonafied members can have right to contest and vote in the election process.
RAJU O.F.,
(Expert) 24 June 2011
I don't advise you to part with half share of your house property, with anybody, which may cause family disputes in due course. More over, there is housing loan in your name on the security of the said property; hence the lender bank has to agree to convert the loan in the joint names of you and your brother. The three purposes mentioned in your query, do not worth such parting of the property.
