Sri (Manager) 16 February 2015

Removing name from joint property

I had purchased property jointly with brother by taking loan on my name as my brother was not eligible for getting loan,though he had paid the amount for purchase. now we wish to remove my name from the title ,but the loan is not cleared .is it possible to remove my name from the title but I continue to pay the loan ?

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2 Replies

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer) 16 February 2015

Why not you check with the bank or other institution which advanced you the loan. Even if it is legally possible their concurrence will be necessary.

H.M.Patnaik (Proprietor) 16 February 2015

Normally, until the Loan is liquidated fully ur bank may not come forward to allow transfer of title of the mortgaged property. However, in case ur brother has become eligible to take loan and your banker is agreeable to transfer the outstanding loan to his name, they may agree to ur proposal.