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Prasoon   14 June 2017

How to secure property share on my name

Hi, I am new to this forum. I do not have much knowledge about legal procedures on owning and sharing a property. My father had purchased a land in Bangalore in 2002, we built a duplex house in 2007. Then my brother was undergraduate so I and my dad paid the home loan amount for 5yrs. In 2012 my brother mortgaged the home to raise money for his marriage and to pay off few personal and other loans which were on mine and my dad’s name. The major share of the amount went in closing the home loan and for my brother's marriage. The mortgaged loan was taken on my brother's name for which he was the main applicant and I and my dad were co-applicant. For the documentation requirement the power of attorney on the property was given to my brother. My dad quit his job then, I and my brother were paying the loan amount shared equally among until 2016. In 2016 I and my dad had a misunderstanding and I left the home. For few months I could pay the loan amount share after which I was unable to pay. Currently my brother and his wife are paying the loan amount and my parents are living with them.

Now I am in a fix, since I cannot take another loan to build a home for myself as I am the co-applicant for the mortgaged loan. I do not have any documents of the property or any WILL on the property made. I asked them to sell the property to close the loan and share the amount equally among ourselves for which they are making reasons not to sell the property. When I ask my dad he makes reasons saying we will see in future as my parents does'nt want to leave the house. I have spent so much on the home for taxes, renovations, home expenses, etc and today I am living in a rented house with my wife and kid. 

Please advise how do I move about to have some documentation done on the property to secure equal share on my name. I do not have any other investments or savings apart from this property. 



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 17 Replies

Ms.Usha Kapoor (CEO)     14 June 2017

You partition the house into equal shares or dispose of and share equal amounts of money among you 3. Or enter into a Family Settlement defining the shares 0f each of you get it registered and it will be binding on all opf you.

Kumar Doab (FIN)     14 June 2017

Check with lender if it agrees that your name can be withdrawn as Co-applicant from existing loan.

Kumar Doab (FIN)     14 June 2017

Since you are not owner of the property ( and POA is on your brother’s name) you can’t sell/dispose/alienate the property.

 

The issue of having spent on house……………….is your personal matter  and you may resolve it with your father,brother.

If you can make them agree to pay the amounts spent by you.

Your father may point put that you have enjoyed staying in the property............Or he can't help you till loan is existing.

Kumar Doab (FIN)     14 June 2017

If registered Family Agreement is possible, prefer it.

Prasoon   16 June 2017

Thank you all for your replies!!! 

I want to know can the lender remove my name from being co-applicant. Are there any such cases? Or can I get my brother's wife's name added as a co-applicant instead? 

My dad is not willing to sell the property currently, as my parents have no other options, than to stay with my brother and they cannot let go the house. Dad cannot oppose any of my brother's decisions as they are financially dependent on my brother and the POA is in his name. But he is willing to share the property equally among ourselves in future.

In this case can a WILL from my dad override the POA on my brother's name for any future disputes? I just want to secure something for myself from the property in future. 

 

Kumar Doab (FIN)     16 June 2017

Originally posted by : Prasoon
Thank you all for your replies!!! 

I want to know can the lender remove my name from being co-applicant. Are there any such cases? Or can I get my brother's wife's name added as a co-applicant instead? 

My dad is not willing to sell the property currently, as my parents have no other options, than to stay with my brother and they cannot let go the house. Dad cannot oppose any of my brother's decisions as they are financially dependent on my brother and the POA is in his name. But he is willing to share the property equally among ourselves in future.

In this case can a WILL from my dad override the POA on my brother's name for any future disputes? I just want to secure something for myself from the property in future. 

 

 

With the consent of lender it can be possible.Avoid pressing with some so called cases. The lender has to re-assess the credit worthiness of all co- applicant/borower. It lender is satisfied it may agree.

 

Your father is a thorough gentleman.

 

 

Kumar Doab (FIN)     16 June 2017

Hope you shall take it positively.

Your father is a thorough gentleman and is apparently not contemplating any action that may affect your interest in future.

The lender(s) may agree to sanction another loan for you despite existing loan, if you have credit worthiness for another loan.

Kumar Doab (FIN)     16 June 2017

 

 

Your father is still in a situation, while you are out of it i.e. debt, as you are not paying the share of loan installment and want to remove your name as Co-applicant.

 

 

His property is mortgaged.

If financial needs of Father/Mother are properly being taken care of by all sons, daughters then parents have NO need to be concerned of.

 

Agent can take ONLY those actions that are empowered by principle in POA.

POA can be cancelled by principle anytime.

It is with limited understanding that POA has already been signed and until cancelled it should prevail. 

Kumar Doab (FIN)     16 June 2017

Let the said brother be a witness in WILL, said POA be narrated in WILL and let the WILL be registered.

 

The senior citizen parents can claim maintenance from all sons and daughters and can even evict children from their home and can even cancel gift deed of their property with intervention of state and court of law.

 

The easiest perspective is to help to pay the home loan, get NOC from bank, cancel POA, and share the expenses equally, and let father sign a WILL and register it and take care of parents in their life time. 

Kumar Doab (FIN)     16 June 2017

It has been believed that you are all Hindu.

Confirm!

 

Kumar Doab (FIN)     16 June 2017

You are closest to the facts and may apply yourn own judgment.

You may show the said loan docs, detail of expenses,POA, loan statements, draft of WILL being contemplated to a very able local counsel specializing in succession/civil matters for a considered opinion.

Prasoon   16 June 2017

Originally posted by : Kumar Doab
It has been believed that you are all Hindu.

Confirm!

 

Yes we are from a Hindu family.

Kumar Doab (FIN)     16 June 2017

Wife, sons,daughters have NO forced share in self acquired/earned estate of Hindu male.

Prasoon   11 July 2017

Thank you all for your replies. There is a new twist come up now. The house has been leased out for another three years and all of them are moving out to a far location. I don't see there will be a decision soon on the property. My only concern now is I cannot wait to have a decision on the property. If I wait my loan eligibility criteria will go down with my age. I am planning to buy a flat and to have a good eligibility, I want my self to be removed as co-applicant from the loan. Can someone please tell me how do I approach the lender bank, as for any documentation requirements they would require my brother to come along. Which I don't think he would do.

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