tushar meshram 18 April 2022

Relinquishment deed

Sir ,

Me and my wife have availed housing loan jointly. My wife was nominal coborrower in the loan. Her income was not considered in loan. Now she wants to relinquish her share of 50% to me. Our loan emi has not yet started. If bank gives NOC to my wife to execute relinquishment deed in my favor what next would be done. Like in sub registrar officer whether earlier registered sale deed will be revoked and it will changed solely to my name. And then I have to again bear stamp duty fees, or simply the name on property card will be done.

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5 Replies

G.L.N. Prasad (Retired employee.) 19 April 2022

Making co obligate of a spouse is just a formality. Contact the advocate and get such settlement deeds required for your satisfaction, but co-obligant is necessary for availing of a bank loan.

Dr J C Vashista (Advocate) 19 April 2022

She is co-owner of the property mortgaged as well as co-borrower of loan.

Accordingly she has to seek NOC from financier before relinquishing her share in mortgaged property wherein the Bank has a charge on the property. Contact Bank before execution of relinquishment of her share in your favour.

Sale deed existing in the name of both of you shall not be modified / altered / endorsed wherein separate relinquishment deed shall be registered by the Sub-Registrar.

Stamp duty differs from a State to another which would be as applicable in your State where property is situated.

SHIRISH PAWAR, 7738990900 (Advocate) 19 April 2022

Hello,

After availing the NOC from bank, you can execute agreement and register with sub registrar. You can inform the bank about the registration so that bank can note the changes in ownership in their records.