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Property purchased thro bank loan

(Querist) 14 November 2012 This query is : Resolved 
Sir,
My elder brother purchased a flat in chennai thro Bank loan when he was working with MNC company,since now he has joined Govt job where his income has come down.Now in order not to let out the property out of hand, I want to help him out by supporting him financial by paying the loan dues every EMI.How to make this legal.Right now both of are unmarried both parents are alive.

Can we continue to pay thro my bank a/c & still the loan be in his name?

Can he gift me ?

In case of HDFC loan can the loan be transferred in my name,I'm working for a pvt sector?

rds,
Nanthini.
Devajyoti Barman (Expert) 14 November 2012
Yes ask the ban for transfer of loan so you become its joint owner.
Devajyoti Barman (Expert) 14 November 2012
Yes ask the ban for transfer of loan so you become its joint owner.
ajay sethi (Expert) 14 November 2012
since your brother is not in position to pay any of EMI he can inform the bank of his inability to do so . your brother cannot create any third party rights in respect of flat whether by way of sale , gift without the consent of the bank .

he can sell the flat to you and the loan can be transferred in your name .


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