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sanjeev001 (executive)     23 June 2011

Can i transfer a property completely to a primary co-borrower

Dear sir/madam,

       i am a joint borrower along with my brother, we have bought a property, by taking a joint loan from a bank, the emi are still being paid by both of us, and the loan has completed 2 years, it is a 15 year old loan.

kindly advise if i (the secondary borrower) can transfer the entire property (the flat) to the primary borrower, whilst the loan is still going on, as the property is financed by a bank loan.

if yes, how can it be done, and what could be the possible charges, as the flat is located in pune, mah.

if not, what is the alternative way out, where the secondary borrower wishes to move out of the joint ownership while the loan is still existing.


Your advise will be highly appreciated


thanks in advance


 2 Replies

adv. rajeev ( rajoo ) (practicing advocate)     23 June 2011

When you have jointly purchased the property you have got half share in the property, which can be transferred to another co-owner, but it requires bank's permission.  So it is better to discuss with the bank mamager and do the formalities.

1 Like

Bharatkumar (ADVOCATE )     23 June 2011

First u take a NOC from Bank for that if bank is agree with u transfer your 1/2 share to your co-owner (both r 1/2 share in this property)

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