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My brother and I bought a home by taking loan from a bank.. the home and loan is registered on both of our names.. my brother doesn’t want to pay the loan anymore ..The bank has original patta and sale deed. can he transfer the property to me through settlement deed without bank consent? Is the original patta or sale deed and ec required to register settlement deed in registrar office ? Can it be done with xerox copies of the same?
Question
My brother and I bought a home by taking loan from a bank.. the home and loan is registered on both of our names.. my brother doesn’t want to pay the loan anymore ..The bank has original patta and sale deed. can he transfer the property to me through settlement deed without bank consent? Is the original patta or sale deed and ec required to register settlement deed in registrar office ? Can it be done with xerox copies of the same?
Answer ( 1 )
Instead of Settlement deed, it is advisable that your brother makes a Gift Deed of his share in your favour and get the same registered. For that you will not require the original deeds etc from the bank. Once the Gift deed is registered, you can inform the bank that the gift has been made and restructure the loan as there is only a single owner. Once you repay the loan, get the rest property which has come to you by way of gift be registered on your name. For further clarification, kindly contact the team as without getting full information on facts, the above advice may differ.