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Author Topic: Property release law and mutual consent divorce case  (Read 386 times)

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Offline realambit

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Property release law and mutual consent divorce case
« on: March 15, 2016, 12:02:36 AM »
I have got mutual consent divorce from my wife. Before filing divorce I had booked a flat (awaiting possession) in Maharashtra in which I and my ex wife are currently joint registered owner.
I have availed home loan from SBI bank with her name mentioned as co applicant in home loan agreement. I'm paying EMI and she is shown as house wife with no income.
She is ready to give up her right on this flat.

I approached bank first and they said I should pay balance home loan amount to bank and close account, only then I should go for release of her property right.
According to Bank it is illegal to do any property release document before closing the loan as property is mortgaged and bank possesses sale agreement document.

Lawyer has advised that bank concern is not a problem as we both can go for release deed as it is irrevocable and litigation free in future.
Additionally I should have a NOC letter signed by her which can be produce before bank at the time of loan closure.
Stamp duty payable is 5% of 50% market value of property

Another lawyer has advised I should go for gift deed (stamp duty 2% of 50% market value of property) and additionally have a NOC letter signed by her which can be produce before bank at the time of loan closure..

Please advice on whether I should execute gift or release deed(legally which is safe for divorce case), and will it be a concern from Bank if I proceed without loan closure.

Offline rajgopal sripathi

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Re: Property release law and mutual consent divorce case
« Reply #1 on: March 15, 2016, 05:58:52 AM »
Hi
A registered release deed is sufficient for you to overcome future problems on account of divorce.
if bankers are objecting to the execution of release deed, then go for a loan transfer facility. That way in the new bank loan documents also you will be the sole owner and also that you can effectively have the release deed done.
Hope this helps.
Rajgopal Sripathi
Mobile:9704772200
email:rajgopal@legalwin.in

Offline realambit

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Re: Property release law and mutual consent divorce case
« Reply #2 on: March 16, 2016, 12:10:22 AM »
thanks. I enquired with several banks but they are not keen on transfer with divorce case. Is it fine if I get release deed done and continue home loan till it's natural closure (18 more years). Will there be any issue on loan closing day with her name in loan agreement?

Offline rajgopal sripathi

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Re: Property release law and mutual consent divorce case
« Reply #3 on: March 16, 2016, 12:43:16 AM »
Yes. A release deed  and two No-Objection certificate's should be fine for now
Out of these two , one no-objection certificate should be made specific to bank and another one to whomsoever it may concern.
Rajgopal Sripathi
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