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Hi, my friend and I are planning to buy a 60x40 site in old Bangalore and construct two floors each. We want to build two duplex houses for our personal use. I would like to understand a few things: What is the best way to register this property — should we register as 50% co-owners? If both of us want to take separate loans, will the bank provide loans for a jointly owned property (both for the site and for house construction)? In the future, if one of us decides to sell our house (i.e., 50% ownership), what would that process look like? How can we legally ensure that either of us can sell our share in the future without facing legal issues?
You and your friend can register the site as 50-50 co-owners. If you both want separate home loans, many banks allow this with proper documentation. To avoid future issues, make a written agreement clearly stating ownership, construction rights, and selling terms. If one wants to sell later, the agreement will protect both sides. For further legal assistance contact us on our helpline number.