How to add co - owner in existing property sale deed.

Vishesh Kumar (Querist) 25 January 2021 This query is : Resolved
I have recently purchased a new home. Myself and my mother are co applicant in loan and I am supposed to pay all the EMI as my mother income is none. Now the sale deed is already executed on my mother name and I am not even the co owner in that deed. So I am paying full EMI with no tax benefits. Please let me know how we can add my name as a co owner . Moreover I don't want to pay all the stamp duty and registration charges from beginning. I appreciate if charges can be shared for uttar Pradesh

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If a sale deed has already been executed solely in your mother's name, adding yourself as a co-owner directly to that deed is generally not possible. You may be able to become a co-owner through a gift deed, where your mother gifts you a portion or the whole property. This process requires bank permission, as you are a co-applicant on the loan. If the bank doesn't permit, you might consider switching the loan to another bank. Stamp duty for a gift deed is typically 2% of the gifted portion's value.

Advocate Bhartesh goyal (Expert) 25 January 2021
No, Now you can not be made as co-owner in questioned property when sale deed has already been executed.

Guest (Expert) 25 January 2021
Only if the Bank Permits the addition of Co Owner could be made but normally the Banks will not agree and Check with them . Only with the consent of Banks you could Execute any sort of Registrations in the Concerned Registrar Office related to this documents pledged with Bank.. If at all repeat If at all your Mother wishes she could Execute an Registered Will ONLY in your favor as per her wish till then

kavksatyanarayana (Expert) 25 January 2021
Though you are co-applicant with your mother for the loan, with the permission of the Bank authorities, your mother can gift some or full property to you. I think the stamp duty for the Gift/settlement deed is @Rs.2% on the value. However, inquire at SRO concerned as the stamp duties vary from one state to another state.

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Vishesh Kumar (Querist) 26 January 2021
2 percent of total market value OR 2 percent of the part that I am getting as a gift?

kavksatyanarayana (Expert) 26 January 2021
2% on the value of the property given to you but not the entire property. If the entire property is given then on the entire property stamp be paid.

Advocate M.Bhadra (Expert) 26 January 2021
Now you can't add your name, after abolished of Benami Property Transaction Act in 1988. Your mother is absolute owner. But you can acquire this property absolute or half share to execute a registered Deed of Gift by your mother.

Rajendra K Goyal (Expert) 31 January 2021
Your mother can gift you a portion of property after obtaining Bank's clearance.

If Bank does not agree, you can switch over the loan to other Bank after formality.

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