I have applied for home loan for a newly registered flat which has been approved by bank. Since I was not available at the time of booking my father paid the booking amount as second applicant and the sales agreement was made and signed as me as first applicant and my father with second applicant. But now I came to know that to avail PMAY subsidies my wife should have been the second applicant, as there is a house under my father's name. So my question is can I change my Co owner as wife in a new agreement now and what is the procedure. Second can the approved loan be changed on the basis of new second applicant.please guide me.
1. You will have get this agreement cancelled and get a new agreement made along with your wife.
2.However this is possible only if the builder is ready fort his.
3. if not then don't run the risk of cancelling this agreement and loosing this proeprty also.
4. if he agrees then it is perfectly a legal transaction and you can adjust the previous booking amount with the fresh agreement.
Your father is co owner of registered flat
2) your father can execute gift deed for his 50 per cent share in flat in your wife name
3) in the alternative execute sale deed n your wife name
4) consent of bank is necessary for creating third party rights on the flat no for change in name of co applicant of home loan
Both the things are possible. First inform the builder that your father has transferred his entire stake in the concerned flat to ur wife. Certain fresh documentation will be done and on the basis of the same, you could be the needful bank work as well.
Your father is not a co-owner but a co-applicant for the purpose of loan.
You may apply for change of applicant and get NOC of the financial institution on this subject and get your father released from the application for loan and its liabilities add your wife's name instead.
