How Can I Transfer My Brother's Name to My Mom's on Our Mumbai Flat Agreement?

Hi,

I have a flat in Mumbai which is in my and my brother's name. I want to remove my brother's name and put my mom's name. My brother has agreed to have his name removed. I have a home loan on the same flat with my brother as the second name.

I would like to know how I can go about this, what steps I need to take to make this change, and what would be the approximate cost involved. I would really appreciate if you all can help me with this.

Regards,

Dear Pawan,

Change of ownership within family members can be effected by a gift document. The cost of the same for registration, etc., may be around Rs. 10,000 or so. Since a home loan is pending against the flat, the original documents must be with the banker; hence, it may be a difficult affair. Please contact your banker in this regard.

Regards, Venkatesh

Hi Venkatesh,

Thank you for the information. Could you also assist me with how to proceed with obtaining a gift document? Where can I get this done? I had a conversation with an estate agent, and he mentioned that a new agreement would need to be made, and your brother would have to submit a written application as well. The estimated cost is around 50,000. Therefore, I am a little skeptical about this.

Thank you.

Dear Pawan,

All the information will be available with the Sub-Registrar's office. Last year, one of my colleagues had executed such a gift deed in favor of her mother. The registration charges were around 8% of the actuals.

Regards,
Venkatesh