Stanley (Asst. Manager - HR) 08 August 2012

Joinetly purchsed property ownership - son or father?

Hi All,

I am new to this forum. I have query related to my appartment which i have bought with housing loan.

I have bought Residential Appartment 3 years back with Bank Home Loan. I am the main applicant and My father is co-applicant in the home loan. Since 3 years i am paying the Home Loan Installment. My father gave me about 30% of the property value at the time of purchase. My father has applied seperatly at the time of buying property but bank was unable to grant the loan we wanted as my father's age was 53 and bank need atleast 15 year services. Finally i have applied and kept my father as co-applicant. I am paying monthly installment though i am not staying with my parents. My wife doesent wanted more issues so we are now seperated and staying on rent.

Now the dispute is: My parents are fully occupaying the property and saying that i have no right in the property and he will repay the loan as soon as he got retire and what ever installment i have paid is just a return of the expenses they have incurred in my education. My 3 sisters and 1 brother are also demanding their rights on the property.

My Question:

1. Do i have right on the property?

2. As my father is co-applicant and co-owner of the property, will all my sisters and brother can get share in this property?

3. How can i get my property back? Is there any legal procedure?

Expecting your reply....

Thanks & Regards

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3 Replies

abdul raheem (B.A.,L.L.B) 08 August 2012

son and father are owners of the siad property

Adv Archana Deshmukh (Practicing Advocate) 08 August 2012

1. Yes, being a co owner you have equal share in the property along with your father.

2. If your father die intestate, then your mother as well as your siblings will have equal shares in the 50% share of your father.

3. Since your father is the co owner you cannot get the whole property in your name unless your father is willing to relinquish his share in your favour.

Stanley (Asst. Manager - HR) 09 August 2012

My father had paid 30% then how come he or my siblings are eligible for 50% share?

I have gone through one artical in The Economic Times dated 09.05.2010 "regarding co-applicant in Home Loan i am just pasting the column related to our topic:

"In case of parents and children , these rules will apply:

Father and son

In case of a father and son, if the applicant is the only son, he can jointly apply with his father with both the incomes being considered. The property should be in their names jointly and it does not matter who the main owner is. This is because in any case the son is the legal heir of the father's property.

Father and sons

In case a person has two or more sons and if he wants to apply jointly with one of them, he should not be the main owner of the property. This is because, on his death, his children should inherit the property jointly and may cause an inheritance dispute.

The father may only be taken as co-applicant and his income may be considered for the loan. He may be a co-owner or not own the property at all. Under no condition should he be the main owner of the property."''''

See i dont want my parents to go out of the property being my parents they have equal rights but they are denying my right on the property and saying to my siblings that all are equal partner in 100% where as he had paid only 30% i have paid 10% and 60% is of Bank Loan which i am paying since 3 years. None of my sibllings gave a single penny and they are claiming rights on the said property. How can i digest?