Legal Question in Real Estate Law in India

Dear Sir

If your wife is co-owner with you in the property, then also, Home loan can be raised by you in your individual name, without including the name of wife. However, before sanctioning home loan, Bank will ask the consent letter from your wife, that she has no objection if such loan in sanctioned to you and the property is mortgaged.

Now answering your specific questions as under : -

1. At the time of registry, can I do a registry of the property along with her?

The person in whose favor the Sale Deed is executed, is deemed to be its true and exclusive owner of the Property. So if you do registry of land in your name alone, then only you will be considered to be its true owner.

If you want your wife to be joint owner with you, then you have to do registry in joint name that is you and your wife.

So far so bank loan is concerned, i already stated above, then it can be solely raised by you without joining your wife, subject to her consent.

2. If not, how can I nominate her to be the legal owner of the property in case anything happens to me?

You can write a WILL, that should anything happen to you then in what manner your estate will be bequeathed upon your heirs. You can specifically mention that this house will be inherited by your wife after you.

3. Can I write a Will on a porperty for which Home Loan is in progress?

Loan and Will have no nexus. You can execute a Will of the property on which home loan is running. However, the WILL will not effect or prejudice any of the right of the Bank to recover the outstanding dues from the mortgaged property. However, your WIFE will not be personally liable to pay any of the outstanding debts. The liability will only of the Property against which loan in standing.

Please guide me here. I am in need of urgent help.

Should you need any help then please feel free to contact.

Vivek N Mapara

www.vnmlaws.com

[email protected]