You must know the significance of nomination in relation to financial assets is widely recognised. It guarantees that there are no obstacles in the way of the assets being transferred to the designated recipient. But, the question here is, can we add nominee while buying a property? So, let me tell you, in India, usually, it’s not possible. But, as you know, there is always an exception. I have shared more details on it below.
Is It Allowed to Add a Nominee While Buying a Property in India?
The idea of designating someone for immovable property (such as land or standalone homes) at the time of purchase or registration is not applicable in India. The Transfer of Property Act, 1882, and the Registration Act, 1908, do not provide for the nomination of immovable property.
But for some types of properties, you will get exceptions. Those under cooperative housing associations, where nomination is permitted, are among them. You can name someone as the beneficiary of a will for other properties.
I advise you to get legal counsel to ensure your will is drawn properly and meets legal standards.
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Is There Any Choice of Making Someone a Nominee While Buying a Property?
Mithali
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2020-08-28T21:14:28+00:00 2025-01-07T12:31:28+00:00Comment
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