Ownership transfer

Querist : Anonymous (Querist) 26 December 2020 This query is : Resolved
Hi Sir / Madam,

One of my friend purchased a Flat with a down payment of 10L and hence he was not eligible for housing loan and on his request I have taken the loan on his behalf and repaying his transferred amount from past 5 years.

Even Now he is not eligible by from some source he is able to pay the EMI regularly.

The Flat is Registered on my Name and the loan is also on my name.

Need assistance is there any way that can I make them assured that I will not cheat them . Can I make a joint registration or any other suggestions please.

Harikesh

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Quick Summary

A person has taken out a home loan and registered a flat in their name for a friend who made a down payment. After five years of repaying the loan, the original owner is seeking ways to assure their friend they won't be cheated, considering options like joint registration. While some advise trusting the friend and transferring the property once the loan is repaid, others suggest consulting a local lawyer due to potentially confusing details about the financial arrangements.

Isaac Gabriel (Expert) 26 December 2020
You are loyal to your friend. Why you think in otherway.You can transfer the land as and when your friend repay the amount either by loan or by other sources.

Message likes : 2 times

kavksatyanarayana (Expert) 26 December 2020
Yes. Agreed with the expert advice of Mr. Isaac Gariel sir.

P. Venu (Expert) 27 December 2020
What is the necessity of such assurance?

Message likes : 1 times

Dr J C Vashista (Expert) 28 December 2020
Your friend has stated to have made down payement of 10 L, subsequently you have stated to have taken a loan for 5 years against the property ??? Confusing statement.
It is better to consult and engage a local prudent lawyer for better appreciation of facts/ documents, professional advise and necessary proceeding.

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Hemant Agarwal (Expert) 28 December 2020
1. It is a Cock & Bull nuisance colorful fake story by an "ANONYMOUS" querist.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

Message likes : 1 times

Dr J C Vashista (Expert) 29 December 2020
I endorse and appreciate opinion and advise of expert Mr. Hemant Agarwal.

Message likes : 1 times

Rajendra K Goyal (Expert) 29 December 2020
The property is in your name, if your friend do not trust you, he may pay and you can transfer the property in his name. Till that time he can try to arrange for the money or have trust in you.

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