Can a Property be Registered in Two Names?

The answer to your query on “can a property be registered in two names in India” is yes, you can. Last year, my cousin and his spouse bought a house together and registered it in their names. Let me tell you about joint ownership in detail now.

Purchasing a property is a daunting task for a person as it requires a lot of money. This is the reason we are seeing evolving trends in the real estate industry. One such change is in the form of ownership. Nowadays, property buyers are increasingly going for joint ownership instead of sole ownership of property for several reasons.

I also think that ‘joint ownership’ is a great way to avail greater benefits, especially if all the co-owners are working individuals and can afford a financial liability.

As per the law, there isn’t any ruling on who can be a co-owner of a property. Anyone, be it siblings, children, parents, and a spouse can jointly own a property. Plus, there isn’t any restriction related to the co-partners' employability. Even if only one person is handling the financial liability, co-owners can be added to avail several benefits, such as increased loan eligibility, income tax benefits, payment flexibility, etc.

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I hope I cleared all your doubts regarding your query on “can a property be registered in two names in India”

In my opinion, co-ownership of a property ensures a number of advantages, including greater loan qualification and tax savings. Although, it does have certain drawbacks, though. Anyway, since you want to know about the joint registration of property, let me guide you through.

Can a house be registered in two names in India?

Yes, as Jayati rightly mentioned, you can register the house in 2 names. The legal definition of a co-owner of a property is undefined. Anyone can jointly own a property jointly, including a wife, parents, siblings, and children. Furthermore, there are no limitations regarding the co-owners employment options.

What are the advantages of joint ownership?

• You as a co-owner must be listed as a co-borrower when a mortgage loan is given, according to lenders. 

• When a co-borrower is a close family member, such as a partner, parent, or child, lenders frequently positively assess the loan request. Most lenders won't consider loan requests where the co-borrower does not belong to these close relations. 

• If the joint owner is a good buddy, partner, brother, or sister, you could not be eligible for a house loan because they must sign on with the candidate as a co-borrower.

• It is preferable to acquire in joint names because flats in residential units make up the majority of residences bought today. 

• The society will typically transfer the apartment in the name of the surviving joint owner in the event that one holder passes away. It is without requiring paperwork or a no-objection letter from the other legal heirs.

This is all I wanted you to know about the joint registration of property.

My parents bought a flat and wanted to get it registered in both their names. However, we were confused, and my father enquired, “Can a flat be registered in two names?”

We consulted a lawyer, and enquired, “Can a property be registered in 2 names?”The lawyer informed us that joint registration of property in India is possible, however, if any one person is taking a housing loan, then essentially the bank would not permit the inclusion of any other person's name as joint owner of the property unless it is husband and wife. However, if both are funding it and one bank is lending the money, then no issues. He also said that one can register not only two names, but more than two names also, but all the purchaser's PAN card is compulsory if the property value is more than Rs. 50 lakhs. Furthermore, he mentioned that in the sale deed, one can also decide on the ratio of ownership, for example, 50:50, 40:60, etc.

He also said that joint registration of land is possible in India. Joint owners are usually couples. However, joint ownership can be of any two people, apart from being spouse. Although for this there is the need for a partnership deed or joint venture agreement.

I’d like to conclude my answer here about “Can a flat be registered in two names?” I hope this helps:)

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Yes, the

property registration in joint name is possible. The

property can be registered in the names of two or more individuals as co-owners. It is also legally permissible.

There are several ways for

property registration in joint name

:

In joint tenancy, each co-owner has an equal share in the property. If one co-owner passes away, their share automatically passes to the surviving co-owner(s).

Likewise in tenancy in common, co-owners have unequal shares in the property. Each owner's share can be transferred or inherited separately. If one co-owner dies, their shares are not automatically passed to the other co-owners but they are inherited by their heirs or beneficiaries.

Co-owners also have a formal agreement which includes their rights and responsibilities.

The property registration in joint name is

through a gift deed or will. It specifies how the property should be shared among the co-owners.

In conclusion, the answer to

can we register property in two names, remember

to clearly define the ownership structure and the percentage of ownership for each co-owner.

Keep in mind that the co-owners of a property share both the rights and responsibilities such as financial obligations, maintenance, and decision-making. I hope this answers your query:

can a house be under two names.

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