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We are buying a duplex house in Hyderabad, India. Loan for this house is processed from IDBI bank and it is approved on my husband's name. We wanted to register the house on both of our names. Apparently, The bankers and the builder are saying that it is not possible to add my name for registration as the loan is processed on my husband's name alone. Is this true that the bank loan and the registration of the house are tied up? What can we do to register our house on both of our names at this point? Any help regarding this query is highly appreciated.
My daughter owns a condo which is in her name and my wife's name. The loan is in our name only. The property and the loan are two different things. Either someone you're dealing with doesn't know what they are talking about, or hub wants the home in his name only. You do not need to be on the loan to be on the deed. Get your name on the deed or only hub owns the house and you could be left out in the cold..
If the house is only in hubs name, you better hope he never dies or leaves, or your homeless...
Contact a RE lawyer
Thank you very much for your reply. Can I know which country and state is this home that U bought? I am trying to see if the rules match to my place too.
its really not a good idea to own the debt without owning the property.
why?
divorce, death and lawsuits. all 3 can leave someone hung out to dry owing the mortgage without any claim to the property or share of the property .
In San Jose, California you can purchase a property and then grant deed to both names - or a trust - etc.
The bigger trick comes in separating a property when everyone is on the loan because the bank will require a refi/requalifying to remove the liability from the exiting owner.
I have no idea about India law but there was a time in the US when women did not own property. I would check with your attorney to make sure you are covered.
Thank you for all your replies. Any Indians out there who can advise on this?
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