I purchased an apartment in 2005 and i am the only owner of the apartment, my ex-wife is not co-owner. But as per the bank loan process, I have to include wife as co-applicant. So she signed only the loan application form and the loan was sanctioned. Also bank opened a joint account and from that joint account only the loan EMI was being paid. She never paid or transferred money to that joint account. Also she doesn't claim any tax Benefits due this home loan. Got divorced in overseas court and I am out of touch with her and her relatives for the past ten years. Till date I am paying the EMI on regular basis. Recently I approached the bank for closure of the home loan. The Bank manager advised that he can’t release the house document without the signature of my ex-wife as still she is the co-applicant in the loan. She never paid an EMI in first place and also I am not knowing her contact details now. I am ready to close the loan. Please suggest me a way out on this.
Dear Client,
First of all, you have be duped by bank idiot employees. When sale deed is in your name, how can bank for her to become joint applicant neither in case of default bank can proceed against her.
Get the signature of ex wife, hope you got what i meant.
Bank manager is absolutely correct
your wife signature is necessary for return of original documents as she is co applicant for home loan
it is immaterial whether she paid EMI or not
Signature of your ex wife is compulsory bank cannot return original documents without consent of your ex wife as she is co applicant.
1. bank's refusal is illegal
2. the agreement is registered in your name
3. you are thus the sole owner
4. also you can show the bank that all the moneys were transferred to the joint account from your personal account all the EMIs were paid exclusively by you
5. the bank can simply issue a public notice informing that upon full repayment of its dues, it is releasing the original document to you
6. further the ex-wife was made a co-applicant only on the insistence of the wife. So she can at best be taken a guarantor, when she has not contributed any penny towards loan repayment. Upon loan closure her NOC is not at all needed.
7. please take this up with the Banking Ombudsman and RBI and follow up with a RTI Application
1) Anyhow you have to find her and take sign on bank loan closure form and plus get release deed sign from her.
Dear Sir,
- Besides what said and understood. There is no other way or option you have in hand to get the NOC without your wife signature.
- By any way, if you get the NOC the branch will come to scrutiny incase your wife file case against them anyway.
Regards
Vivek Arya
See if she is co-applicant her signature are needed for NOC and closure of the loan as she has signed the loan documents.
If you cannot find her then a suit has to be instituted and court order for same is required.
1. bank is right and without her consent you can not foreclose the loan either and at this juncture if you approach her for her signature she is likely to claim a hefty sum of money.
2. Since she is a mere co application , she is not a co owner of the house. So wait for sometime till the loan is cleared after which you would get back the title deed and her consent would not be required for anything on this account.
Even if you are holding the property in your name but as your loan is through co-applicant it is mandatory that you have to produce no objection certificate from the applicant to get release of the property documents as soon as you receive the documents this is all in your name and after that you don't need any other formalities in this regard and you can dispose the property as per your wish
You can file a suit for cancellation of her name. Anyways co-applicant doesn't have ownership rights of her name is not in agreement.
1. Is the title deed, original of which you have deposited with thenlending bank for creating mortgage thereupon for securing your loan amount, stand in your name only?
2. If yes, then the bank should not object if you close the said loan account by paying off the entirle outstanding amount.
3. If the above title ded stands in your sole name and the bank refuses to return you the sane after the loan is closed, then Ask the bank to issue a 'no due certificate' first and thereafter file a complaint case against the bank for alleging deficiency in service and unfair business claiming return of the original title deed standing in your name after issuing 'no due certificate' , damage and cost.
4. If the title deed stands in both of your name then you shall have to contact your ex-wife to collect a letter from her for collecting the title deed standing in both of your names.
1. Make a proper application to the Bank to release the Property Documents, as follows:
a) Divorcee Decree
b) Indemnity Bond (Rs. 500/-) favoring the Bank to undertake any liability of future
2. IF the Banks fail to comply, THEN file Civil Suit, with ALL documentary evidences, for recovery of the documents, alongwith damages /compensation.
3. AFTER Full & Final payment of your liabilities (loan) to the Bank, Bank has to return the property documents, without any further references to other loan applicants.
Keep Smiling .... Hemant Agarwal
The bank is right in informing about the signature of the co-applicant to close the loan, you may issue a legal notice to her and ask her to comply with the procedure that is required to close the loan as advised by bank.
If she is not turning up then you may approach court seeking its direction to the bank under the circumstances to close the loan without her signature.
