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Change in second owner name at the time of Property Registry

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Change in second owner name at the time of Property Registry

Last updated: January 17 2014
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  • Change in second owner name at the time of Property Registry

    I had a question regarding name change of the second owner at the time of registry of the property. Currently I have an under construction property in Noida sector-78, my father is the co-applicant in this property. I also have loan on this property from Corporation bank and my father is also the co-applicant with me on the bank loan.

    Now my question is can I add my wife's name as the joint owner of the property at the time of registry and remove my father's name. Can it be done when we go for the registry or should we first make changes to the property and loan co-applicant to add wife's name there and then the property can be registered with my wife as the second owner.

    If someone can reply to the above query, I would be very thankful.
  • #2

    #2

    Re : Change in second owner name at the time of Property Registry

    As you have loan on this property, so I believe that you have to get the name change with the bank and then the builder before applying for registry.

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    • #3

      #3

      Re : Change in second owner name at the time of Property Registry

      Hi
      I have recently purchased a property in Noida. The possession letter has mine and my wife's name. I also have loan from bank.
      I want to apply for the registry of the property. I have following questions:
      (a) can i now have the registry of the house only on my wife's name?
      (b) is there any benefit on stamp duty or tax or anything by having registry on wife's name?

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      • #4

        #4

        Re : Change in second owner name at the time of Property Registry

        Yes its possible.... You can get property registered on wife's name even though you will continue to pay loan as both of you would be joint applicants for loan..

        Originally posted by saibhakt View Post
        Hi
        I have recently purchased a property in Noida. The possession letter has mine and my wife's name. I also have loan from bank.
        I want to apply for the registry of the property. I have following questions:
        (a) can i now have the registry of the house only on my wife's name?
        (b) is there any benefit on stamp duty or tax or anything by having registry on wife's name?



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        • #5

          #5

          Re : Change in second owner name at the time of Property Registry

          Benefit of Rs 10000 will be there.

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          • #6

            #6

            Re : Change in second owner name at the time of Property Registry

            Good suggestion

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            • #7

              #7

              Re : Change in second owner name at the time of Property Registry

              Originally posted by mitraa View Post
              Yes its possible.... You can get property registered on wife's name even though you will continue to pay loan as both of you would be joint applicants for loan..






              Sent from my iPhone using Tapatalk - now Free
              My understanding is that the husband has to be a co-owner of the property since bank has given loan to him and not to his wife. Do bank give home loan to some one without being an owner or co-owner?

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              • #8

                #8

                Re : Change in second owner name at the time of Property Registry

                Originally posted by Dhoni9898 View Post
                My understanding is that the husband has to be a co-owner of the property since bank has given loan to him and not to his wife. Do bank give home loan to some one without being an owner or co-owner?
                No while registration its not mandatory..


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                • #9

                  #9

                  Re : Change in second owner name at the time of Property Registry

                  I have seen people trying to save peanuts while getting the property registered. They go for registration in the name of wives and save 1-2% money of the registration value.
                  I have also seen so many dispute cases especially where woman wants to take a divorce and then gulps the entire property for which the poor husband ended up paying installments all his life.
                  Joint name in property is still ok but saving peanuts for the sake of compromising one's right in property is not justified.
                  Every case may be different and it's all based on risk assessment in one's life but this is more like buying insurance on your own.

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