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Property Registered in wife name though paid all the payment including Bank loan at the time of Purchase .

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Property Registered in wife name though paid all the payment including Bank loan at the time of Purchase .

Last updated: January 7 2013
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  • Property Registered in wife name though paid all the payment including Bank loan at the time of Purchase .

    We are married couple with 20 year marriage . Now our relationship is strained . Though I do not foresee any chance of Divorce / Separation in future

    In 2004 , I have purchased a 400sqyd plot in Gurgoan and registered in my wife name out of love as sole owner ( Biggest mistake of my life ) . Though I have paid all the payment including the ICICI Bank loan which I have taken in my name and cleared all its dues .
    as I have used all my hard and earned money into it and this is time now to make some profit by constructing and selling as Builder floor . Now my wife is agreed in principal but she can make some tantrum in future . I am now scared off to put more money into it for construction as she can change her mind and play dirty tricks . Situation will be worse if I booked some floor during construction and take some advance payment also . If she play tantrum or refused to cooperate then situation will be very difficult for me .
    One way of solving this problem is either by transferring the plot in my name or joint name legally which I foresee is seems to be difficult option as she will not agree for this option
    So please guide me the legal option to covered and safeguard me if I go for construction of this project so that she could not played any tantrum in future if she agreed before the start of the project .
  • #2

    #2

    Re : Property Registered in wife name though paid all the payment including Bank loan at the time of Purchase .

    This is tricky - I would suggest that you sell this plot informing your wife that you are getting a good deal or rates are not gonna increase anymore etc etc and then use that money to buy another plot in another area in her name (errr i mean your name)... you would still be able to construct floors etc and make a cool buck...

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    • #3

      #3

      Re : Property Registered in wife name though paid all the payment including Bank loan at the time of Purchase .

      Sir

      I am NRI and selling can be one option But at the same time it is difficult for selling and buying new property as it will take some time .

      I am planning to use Basement for my office purpose and sale above floor
      So if there is any other option to retain the same property with safeguard against any tantrum by my wife

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      • #4

        #4

        Re : Property Registered in wife name though paid all the payment including Bank loan at the time of Purchase .

        Dear Sir,

        I am writing on IREF after a long gap, out of the feeling to help you with correct info.As per the latest laws passed in the country, It does not matter that property is in the name of husband or wife. What is the law now is that 'if a property was acquired by a couple during their married life, then both of them have a equal right on it, whether it is in the name of one of them or not'.

        So, you need not worry till the time you can legally prove that this property was acquired by you when u were married ( u are still married BTW). Secondly, i would advise you keep your records of re-payment of ur ICICI bank loans etc safely as they will act as a proof of your expenditure towards this plot.

        You can google the joint property ownership laws for the latest changes in the law.

        Pankaj

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        • #5

          #5

          Re : Property Registered in wife name though paid all the payment including Bank loan at the time of Purchase .

          I would suggest you sell and start of clean with a new property in her(I mean your name.......). Tell her that property prices have maxed out in your sector and you should now move money to a new developing sector. If the asset is in your name, that might change your wife's behavious as well and might fix your marriage.

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          • #6

            #6

            Re : Property Registered in wife name though paid all the payment including Bank loan at the time of Purchase .

            Originally posted by enm1sg View Post
            Sir

            I am NRI and selling can be one option But at the same time it is difficult for selling and buying new property as it will take some time .

            I am planning to use Basement for my office purpose and sale above floor
            So if there is any other option to retain the same property with safeguard against any tantrum by my wife
            Where is this plot btw... 400 sqyd should be pvt colony.

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            • #7

              #7

              Re : Property Registered in wife name though paid all the payment including Bank loan at the time of Purchase .

              Im surprised that the bank agreed to the sole name being your wife's while giving the loan to you. Do banks do that ??

              Your best approach is to have her agree to joint holding. Tell her that since all documentary evidence points to you making all the payments, legally it should be in joint names of both of you. The law will not deny her a share (possibly a 50% one) in this property by virtue of being the sole owner and your wife of 20 years. You should also sell the plot instead of building floors and divvy up the money as it seems risky to put in further money in building floors. If dont want to sell, then get constructed and register different floors in separate names of yourself and your wife and then you both can sell or retain it as you individually wish to.
              Last edited November 30 2012, 11:04 AM.

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              • #8

                #8

                Re : Property Registered in wife name though paid all the payment including Bank loan at the time of Purchase .

                Actually, there is a way out. You may get into a Joint Venture agreement with your wife to construct and sell this plot. You guys can write down all the terms and conditions here and how to divide the share.
                In this case when you sell after construction, both you will have to sign the papers.

                You can benefit as most of the transaction will be in black. You can work on dividing the share accordingly.

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                • #9

                  #9

                  Re : Property Registered in wife name though paid all the payment including Bank loan at the time of Purchase .

                  Many Thanks for all friends for giving useful options which are very much appreciated .

                  By the way ,The Plot is in Sushant Lok -1 , A - Block with area of 350 sqm ( 418 sqyd)

                  I am still open for more option / suggestion if any one else can guide me further . then it will be a great help in deciding my next step

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                  • #10

                    #10

                    Re : Property Registered in wife name though paid all the payment including Bank loan at the time of Purchase .

                    Another way out is , hire a bank guy (any bank) tell him to pose from the bank where you have taken loan from , and approach your wife and tell her that Due to some changes in RBI lending Guidelines , Th loan would either have to be closed or the property should be in joint ownership as according to new guidelines the The Borrower must be the complete owner/joint owner of the property.


                    This has a very good chance of succeeding as then your wife would herself call u to discuss the options ,

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