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rkj (gngnfgnhgn h)     19 August 2010

adding name in mortgaged home

me and my wife are the co-borrower of the housing loan taken from a save stamp duty I registered our house in the name of my wife I want my name to be added in the property so that I can also avail tax benefit...Can any one guide me in this regard...I am in a fix that my house has been mortgaged to the bank and how will i get the sale deed to add my name in that....


 4 Replies

Bharatkumar (ADVOCATE )     19 August 2010

Your wife sale u a 1/2 share of property and  You are registred a sale deed in your name there after this property make a joint name.

Saket Gandhi (advocate)     19 August 2010

A gift of 1/2 share in the flat would also be an option instead of sale wherein the consideration need not to be transfered from husband to wife.. however in any case ie. in gift or sale it will have to be effect by a registered document and stamp on jantri ie. govt. value will have to be affixed...

Moreover, i am not sure.. but benami transaction may also be effected wherein it can be proved that the wife purchased the flat from the husbands funds.. may be other learned friends may put enlighten with respect to benami transactions.. as such transactions are abolished. However, there are certain execeptions in it.

rkj (gngnfgnhgn h)     20 August 2010

thanks for ur valuable advice sir but I have one query....the original sale deed of the flat is in bank's custody as that flat is mortgaged to the bank from which we have taken loan.Will the bank give the sale deed for any changes into it??

bhagwat patil (Property due diligence 9422773303)     21 August 2010

Bank"s conent is can go for benami transaction.secondly  how you have saved the stamp duty while registering the propertyin ur wifes name instead of both.

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