Legal Question in Real Estate Law in India
I am looking to register a property with my spouse as my co-owner. My spouse does not contribute financially to the repayment of EMI's, but is a co-applicant in the bank loan. I wanted to understand
1. Types of co-ownership that are possible
2. Protection of my ownership - specifically in case of divorce, is there a clause that can be added as a part of the co-owner deed to ensure that the entire ownership of property is transferred to me or to our minor children. And what happens to the home loan in such event.
I am a muslim, hence governed by sharia law
5 Answers from Attorneys
U both r co-owners and u make application to bank and u r liable for ur share only and at time of divorce she can not clam ur ownership and u both can transfer the property to anyone and for more clarification u can call m
as the property is registered in the name of both, husband and wife, they are co owners irrespective of their religion.
You are 50% owner only of your property and so is your wife. Both of you have same rights to do whatever with your 50% share of your property .
1, In case of freehold land and such property, as per Transfer of Property Act. In case of Flat or Apartment, as per local law governing the same.
2. Difficult to ensure.
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