Legal Question in Real Estate Law in India
The house agreement states the transferees in the following sequence - wife and husband (Note that the home loan was taken in the name of wife as the principal applicant and husband as the secondary but was fully repaid by the husband). So does that make the wife the first owner and husband the second? Also can both owners (husband-wife) nominate another person (child) by jointly filling the nomination form or only the wife has the right to fill the nomination form?
The society maintenance receipt comes in the name of the wife, is this all right, or should it come in the name of the husband (since he repaid the loan fully) or jointly? And finally should the society share certificate hold the names jointly?
2 Answers from Attorneys
Dear Client,
Here in your case there are two different issues:
1. Property title.
2. Loan agsinst Property or Home Loan.
A)Reg., No.1 of above I hope that the property i.e title stands in the Wife and she shall be absolute owner of the said property once loan repayment complited and secondly when she receive NO DUE certificate and Original & link documents of from the respective Financed organisation.
B)With Regard to Loan, I think since the Husband happend to earing member the financer chosen to the Husband as 1st Applicant and since the wife is next Legal Reprasentive they chosen to made 2nd applicant for all the subsiquent events purpose.
and lastly with regard to society maintenance and Property tax receipts etc.,since the property stands in the wife's name it mandatary to issues receipts on her name.
As long as your family in good term no issue and doughts about titile, loan, society receipts, municipal tax etc.
All the best keep enjoying the property togather as Home.
As regards ownership, first holder or second hold may not make any difference.
As regards nomination, person/s in whose name membership/shares of society are issued can nominate.
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