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Real Estate Forum on Property Transfer

Real Estate Property Discussion Forum and Guide to Real Estate Queries

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Q: When it comes to buying property and getting home loans in Pune, NRIs always have several queries. Here are a few common queries which NRIs would like to ask...
Latest Answer: Documents required to get a home loan for NRIs :- 1) Copy of Work Permit/Labour contract/copy of identity card or any other proof of work/employment issued by the concerned government authority. 2) Brief business profile on the letter head of the firm by the applicant.
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Q: I booked a flat few months back in my and my father’s name. We paid 15% of the amount as down payment to the builder at the time of booking. Now we want to take home loan to pay the remaining installments. My father will be retiring in couple of years so; we are facing difficulty in getting a joint home loan. Can we transfer the part ownership of my father to my wife?
How can we do this? What will be the cost?

Latest Answer: I agree with Mr Gurmeet. If the owner of the property has died intestate then in that case a suit for obtaining succession certificate from a civil court is mandatory and thereafter the property in dispute is transferred in the respective names of all legal heirs.
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Q: The main property owner expired and he has two sons one is my father-in-law expired now they want to transfer property from main owner to my wife's name because another son is not ready to come for procedure. Waiting for your reply

Latest Answer: Hi Sishir..since its a legal matter..i suggest you to take advice of a good lawyer . He is capable to deal with this matter more carefully and wisely.
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Q: Hello sir, I am an NRI and I am having a house on my name in India. I want to transfer it to one of my friends who stays in Delhi. Shall I take the permission of Reserve Bank to transfer this property?

Latest Answer: If you are an NRI, then you can purchase/transfer immovable property in India without the permission of Reserve Bank. You need permission only while transferring an agricultural/plantation property/farm house in India.
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Q: I am a society member and I want to transfer my shares and interest to another person. Let me know about the procedure involved in this process.
Latest Answer: First of all you need to give 15 days of notice to the secretary of the society on the proposed form regarding transfer of your shares and interest. You should also present the consent of the proposed transferee along with the share certificate. On the prescribed form, you need to submit the an application for membership of the proposed transferee. Mention all the valid reasons for transfer of your shares and interest.
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Q: My father is looking to register a flat on my name which is already on his name. I just wanted to know what are the registration charges in case of property transfer.
Latest Answer: It's better to get the exact information from the concerned registrar's office, as the registration charges differ from state to state.
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