Me and my husband had jointly booked a flat in July-2011 which was(and is still is) under construction.
But with time things changed and we have decided to get separated.
In order to get a divorce done, we have to settle this problem of the flat.
At the time of booking almost 18% of the considered value(56L) and all the registration amount / ST/VAT everything was paid by me and for the remaining amount - we jointly took a loan of 48L from a bank.since july 2011 to this date we have been paying the pre-EMI on 50-50%basis. He is the main applicant and I am the co-applicant.
The registration agreement mentions both of us to be owners 50-50% share.
Now i am ready to take up the complete responsibility of the flat thereby removing his name from the agreement and paying off all that he has paid against the EMI etc.
Can somebody explain me which is the best option to remove him from the property?
The option that I know about are as follows:--
1-Gift deed ( but i guess this cannot be done because the flat is still under construction)
2-Release deed - without consideration (But I think this also cannot be done since we do not have blood relationship)
3-Release deed with consideration (YES this can be done - But is this fool proof?) and what will be the amount to be shown as consideration? is it the market value or is it the considered value written in the agreement between me and the builder?
Would it be ok if I mention in the deed that Im paying off his amount of loan to the bank and then would remove his name from the loan?
This property is in the area under Thane Municiple corporation.
