We bought a builder floor in charmwood village 4 years back. This property was financed from HDFC (90% financed 14,00,000 and 10% from our funds). This property was bought in four names: (my spouse) (myself) (my father-in-law) (my mother-in-law)
The loan was also in the name of all of us. All the EMIs are paid by my spouse from his account and he will continue to pay them.
My query is -
1. since the property is under 4 names, is it correct to assume that me and my spouse have only 50% ownership of the house.
2. In terms of rights, do my inlaws have a right to transfer their share in favour of their second son.
Just by including the names of additional people, do they become the owner.
3. This property is not yet registered. And the regisrty is on hold for builder flats now on haryana.
4. If the registry opens, can we get the property registered under one name instead of 4 names.
Pls help me understand my status/rights in terms of this property. I am extremely scared and fear any property disputes that may arise.
