My brother and I purchased a property in Mumbai in 2009 and have taken a home loan from a bank. The EMI are paid by myself, however, my brother name is added in the loan agreement as he is a co-owner.
(a) Can I relinquish in favor of my brother by way of relinquishment deed in Mumbai by paying a stamp duty of Rs. 100. I heard someone saying that relnquishment deed is only applicable to ancestral property and not applicable to newly brought property. Is it right?
(b) Can relinquishment deed can be registered when the actual documents are with the bank? If not, how can it be done?
(c) The basic problem I'm facing in taking a fresh loan, as all banks are considering full EMI for my brother and myself though EMIs are paid by me, and because of that we both are not getting eligibility in taking new house property through housing loan.
