Land registration as co-owner - registry format

If you have taken home loan already the property cannot be registered afresh on others name other than the original owner .  You may have to obtain permission from the bank/financial institution for sharing the property among four people i.e., to add three more owners to the existing owner of the property.

You have not given the details that on whose name is the property stands now or who is the owner as per the registered sale deed document. If it is your property then you my divide the property into four without any demarcation and allot three others one such undivided share by executing a registered gift deed besides retaining your own portion and have all of them registered as a jointly held property in all the four persons name.

You may take the help of a local advocate who is well versed in the property matters for further help.

Thank you T. Kalaiselvan, Advocate for your reply. I would like your further advice on below. The scenario has changed. Here is the background and the current status:

My father+mother sold their residential house and bought a plot (land only with no construction on it). We have got the plot registered in the names of mother and father. To purchase the plot I along with my brother, father and mother took a home loan from SBI. In other words, 4 co-borrowers in loan but only father motehr have ownership of flat. The loan EMI will be paid by me and my brother. I want to get tax benefit on home loan principal and interest. I and my brother could not become co-owners in the registered sale deed because the transfer permission (TP) from was taken from the seller in the names of father and mother only. (FYI, its a plot in Haryana). The TP was taken from the seller before taking the loan. Before taking the loan we were not aware that co-owners in loan have to be co-borrowerd of property to avail tax benefits. Due to the TP being in my father and mother's joint, we could not become co-owber of property in the sale deed. My questions are as under:

• Can I and my brother get tax benefit for interest and principal because we will repay the loan?
• How can we become co-owners of property to avail tax benefit now that the property has been registered in myparents name jointly?
• We plan to start construction on the plot in March for which we will take a home loan for construction. The construction will be by the end of 2016. Can the loan for construction play any role in getting us tax benefit?

Your advice in the above current scenaio will be much appreciated. 

Many Thanks, 

Regards, 

Jabber

Home loan repayments and its interest attract exemption in IT, so the borrower can avail tax exemptions accordingly.