Upgrad LLM

share in property


Hi,

My father had purchased a property 7 years ago (2004). The property value at the time of purchase was approx 14 lacs including stamp duty and registration. Since my father was retired that time, my elder brother stood as a co-applicant for this property and took a loan of 7 lacs with the rest of the amount paid by my father. My father also cleared the mortgage loan taken by my brother on the previous property (for his wedding expense) amounting to 3.5 lacs. My father has all the required receipts of the same. The previous property was sold to clear his dues and to buy this property.

My father now wishes to share this property between we 3 siblings equally by selling off the property and clearing the mortgage, since he is the main applicant. However, my elder brother along with his spouse does not agree to this. He says that since he has been a co-applicant and has been paying the EMI since last 7 yrs, he has 50% right to the property and the property cannot be sold without his consent. 

Please suggest if  me and my younger brother can claim equal right under this set up. Can my father include our names in this property? Please advise how can this be resolved.

Regards,

 

 

 

 

 

 
Reply   
 

Your brother was a co-applicant for the loan but is he also a co-owner of the property?


If not, and your father is the sole owner, then your brother cannot claim 50% share.


Still the property will be deemed to be self-acquired by your father.

 

You and your younger brother can claim equal shares.


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Hi,

Thank you for your response.

Please let us kindly know which clause in the sale agreement  should we check to determine whether he is a co-applicant / co-owner? Property is registered in both of their name.

Regards

 

 

 
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