Legal Question in Real Estate Law in India

Hi,

I live in Old Gurgaon in HUDA urban estate sector. I�m a co-owner of residential free hold property with my father. There are 3 floors constructed. The plot was bought by my father with the money he received post his retirement from. We are 2 brothers and 2 sisters (All Married). Me and my father wanted to construct the house on the said plot and we explored the possibility of a bank financing the same. I applied through ICICI bank and they said that the person who is taking the loan will have to be the owner of the property. Since the Bank was not ready to finance the property where the owners are brothers we decided that I and my father will be the owner as my brother was not interested in staying with us. So I was made the co-owner of the property and I took the loan and my father became the co applicant in the loan. However barring the 15% cap amount which was paid by my father the rest of the loan is being paid by me in equated monthly installments. I have bank account statements to prove the same. Since I do not share a healthy relationship with my brother we may have a property dispute in future and I do not wish to give him a share since he has not taken up the responsibility of the house. Recently he has given me a verbal offer that he will pay half off what I have paid and continue to pay half of the EMI I�m paying every month.

I have few questions:-

� Can my brother still claim his share from the property in case I decline his offer?

� If yes how much can he claim for?

� What are the legal ways of me prohibiting my brother from getting his claim?

� If my father creates a will in favour of my brother then is it going to hold good in the court of Law?

Details:-

Location:- Gurgaon Haryana Sector.

My Age:- 30.

Fathers Age :- 73.

Plot Purchase date:- 2004.

Loan Taken:-2005.

1 Answer from Attorneys

Related Questions & Answers

More Real Estate and Real Property questions and answers in India

Looking for something else?