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
Asked on 3/03/12, 11:40 pm
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
Answered on 3/04/12, 12:28 am
RAJIV GUPTA
(Cell: +91 9811284735) lawnrajiv@gmail.com
as the property is registered in the name of both, husband and wife, they are co owners irrespective of their religion.
Answered on 3/04/12, 7:50 am
Sanjay Kalra
Sanjay Kalra & Associates
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 .
Answered on 3/04/12, 9:39 am
Shrichand Nahar
S.V.Nahar, Advocate
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.
Answered on 7/04/12, 1:29 am
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