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vimala rastogy (service)     30 July 2018

Ownership of a flat

Supposing I'm buying a flat in loan. When do I actually own it? Is it after the possession  or after the registration of the flat?

 5 Replies

Deepak joshi   30 July 2018

Registration>>>possessions>>>completion of loan

G.L.N. Prasad (Retired employee.)     30 July 2018

The flat should be vacant, it should be occupied immediately after giving advance through agreement, and finally registration should be done.  Speak to your banker for further guidance.

Kishor Mehta (CEO)     30 July 2018

Registration and physical possession are legally necessary, however you ACTUALLY become the owner after full repayment of the Bank loan amount.

vimala rastogy (service)     31 July 2018

Supposing I've no dues with the bank or the real estate company but the registration is pending. In that case, is the property in my name (in the documents)? 

G.L.N. Prasad (Retired employee.)     31 July 2018

Please use the Forum only for taking guidance and not for quz.

One must have a valid title deed in his name with due legally valid registration and should be in possession of the property for claiming ownership of any property.

Claiming ownership is different with bonafide legally valid ownership.

Registration may be kept only for prescribed time frame as per their norms.  If the execution parties fail to compile the formalities, documents are not documents till they are properly registered after compiling the formalities.

For Bank loans, there is no effect on title, and the property is only a security for Bank loan.

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