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Category: Release Deed

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Release Deed

I’m going to divorce and the house is in both our names. My husband is giving the house to me. How do i transfer the property to my name only? is release Deed

You and your husband jointly own a property called Joint Property. Now, your husband wants to eliminate from the joint property and release his share to you, so you become 100% shareowner of the property.

To acquire 100% ownership, you and your husband must register a RELEASE DEED.

In a Release Deed, your husband is a Releasor, and you are a Releasee. To register a Release Deed, we need the following:

  • Registered Deed (that you and your husband jointly acquired the property)
  • Property tax receipt
  • eKhata
  • Husband and wife’s Aadhaar
  • Release Deed draft printed and signed (to be registered)
  • Two witnesses and their Aadhar

The Stamp Duty for release deed registration is Rs. 5000 and the registration fee is Rs. 1000. The total cost including cess and scanning fee totals around Rs. 7000/-

Register the Release Deed in a sub-registrar office. You, your husband, and two witnesses’ presence are mandatory in sub-registrar office for registration. The registered Release Deed looks like the below image

To remove your husband from the joint loan account, follow the below steps:

Novation: Contact your bank and request for novation. Novation is a declaration that transfers the home loan from joint applicants to single applicant. Your bank will provide the novation format

Proof of removal: Provide proof to bank why you want to remove your husband from joint loan account, proof such as divorce agreement

Proof of Income: Provide income proof to bank like salary slip or bank statement because you should prove your ability to repay the loan without co-borrower financial contribution or you can onboard another co-borrower to support your financial capability

Submit the following documents to the bank

  • Novation
  • Original Release Deed (that your husband released his share to you)
  • Copy of Divorce Agreement
  • Income proof

The bank will remove your husband from loan account

It’s important to remove your husband from joint loan account because after few years, once you repay the home loan, the bank will issue Discharge Deed in the name of loan applicants. In your case, the loan applicants are you and your husband. The loan applicant must register the Discharge Deed in registrar office to claim ownership from bank. Since you are separating from your husband, you should remove your husband from joint loan account so the bank will issue a Discharge Deed only in your name at the time of closing home loan. (if you didn’t remove your husband from the joint loan account, the bank would include your husband’s name in discharge deed and he must present for lien removal in sub-registrar office)

Thank you for reading…

For consultation, please write to us pgnproperties@gmail.com or WhatsApp to +91-97424-79020

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Uncategorized Release Deed

Can I transfer property and home loan to my wife if she is the co-owner of the property

The easiest way to transfer the property to co-owner is by executing RELEASE DEED.

Register the Release Deed in favor of your wife; the stamp duty is just Rs. 5000/- without consideration amount. Husband, wife and two witnesses must present in registrar’s office for registration of Release Deed

After the RELEASE DEED registration, transfer the loan to your wife’s name

Let me share my similar experience:

My client, husband and wife jointly borrowed a home loan of Rs.64.50 lakhs from State Bank of India to purchase a 2BHK flat in Bangalore.

The buying price is Rs.86 lakhs, out of which the loan amount is Rs.64.50 lakhs and self-financing is Rs.21.50 Lakhs

It is a joint purchase and we highlighted the joint purchasers in below Sale Deed:

We highlighted the buying price in Sale Deed below for your reference

Both husband and wife are working members, both have strong incomes

The husband intends to purchase one more property, but the bank has denied the home loan because his income is insufficient to cover one more EMI (on top of the existing home loan). To overcome this issue, the husband decides to transfer his existing home loan and property to his wife, this enables the husband to apply for a new home loan in his name

The husband and wife own the property in 50:50 ratio. We registered RELEASE DEED to transfer the husband’s share to wife. We followed below steps to register:

  • Draft the Release Deed in Word document
  • Pay the required Stamp Duty (the stamp duty is Rs.5000 in Karnataka)
  • Print the Release Deed draft on document paper
  • Register the Release Deed in registrar’s office

We registered the below Release Deed in a sub-registrar office in Bangalore, sharing the image for your reference

NOTE:

  • Even though we have running home loan in State Bank of India, we were able to register the Release Deed in sub-registrar office without NOC or permission from State Bank of India
  • After the Release Deed registration, we did an internal home loan transfer from husband to wife
  • It took us almost 15 working days to complete the Release Deed and loan transfer process.

We assist in executing Release Deed, please write to us pgnproperties@gmail.com or WhatsApp to +91-97424-79020

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Release Deed

What is Release Deed? How do I register a Release Deed in Bangalore?

An individual can also give up his/her right in a property through Release Deed. 

Let me set the context with a real example for better understanding

Husband and wife jointly purchased a 2BHK flat from a builder in Bangalore. It means that husband owns 50% share and wife owns 50% share of the property.

Now husband wants to release 50% of his share to his wife so we executed below Release Deed.

Documents Require for Release Deed Registration:

  • Registered sale deed (of husband & wife purchased from builder)
  • Current financial Tax paid receipt
  • eKhata certificate
  • Aadhar of Releasor & Releasee

Draft the Release Deed in word file. The draft looks like below images

Submit an application online on Kaveri Online and service. Pay the government fee and book the slot for registration in sub-registrar office. Following are the government fee

  • Stamp Duty: Rs. 5000
  • Registration fee Rs. 1000
  • Scanning Fee Rs, 35 per page

We carried the below documents to Sarjapur Sub-registrar office to register the Release deed

  • Application summary report
  • Aadhar of Releasor & Releasee
  • Two witness and their Aadhaar
  • Printed Release Deed on Document paper (to be registered)
  • Government fee transaction receipt

The sub-registrar officer verified our summary report and asisted the registration

Releasor, Releasee and two witnesses signed the Release Deed. The registering officer asked the Releasor & Releasee to sit at the registration counter. The officer took the photo from webcam, biometric thumb impression, OTP authentication of Releasor & Releasee. Below is the image of Registered Release Deed,

In Bangalore, we assist in registering Release Deed. To opt for our service, please write to us pgnproperties@gmail.com or Whatsapp to + 9 1 – 97424 79020.

Thank you for reading…