To be added as a co-owner, your mother must execute a gift deed or sale deed in your favor, transferring a share of the property to you. The deed should be registered at the local Sub-Registrar's Office, and applicable stamp duty must be paid.
Once you are a co-owner, you and your mother can jointly apply for a loan against the property. Ensure the property has a clear title and obtain necessary documents, including identity proofs and property papers. As the EMI payer, clarify responsibilities in the loan agreement. Consult a legal advisor to ensure compliance with laws and proper documentation.
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Is Registration of Gift Deed Compulsory?
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Authors Of The Question
Currently the property (home) is in my mother's name; how do I get added as a co-owner? Once added as a co-owner we want to apply for a loan against the property where I will be responsible for paying the loan EMIs. Please explain to me how to proceed on this.
DarshanKolambkar
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1 Answers
30 days
2024-12-23T11:42:36+00:00 2024-12-23T11:43:05+00:00Comment
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