• Coapplicant to release their name

Hi,
Me and my ex-husband got a loan of 34 lacs together in 2015 where i was co applicant for property. however we went through divorce and its finalized in 2020 in his favor. Post which i got remarried in 2021 now when me n my husband want to buy new property i get to know that i am still co applicant for previous loan and my ex-husband haven't removed my name. As our divorce wasn't mutual there is not contact between me and my ex-husband. Need your guidance if someone can help me procedure to get my name removed from the previous loan with ex-husband .i do not want to reach him or contact him in any way please guide me to get rid of this. Unfortunately divorce decree doesn't have anything mention about property
Asked 12 months ago in Property Law
Religion: Hindu

8 answers received in 1 day.

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8 Answers

It will be removed automatically after payment. If you want to remove it before you can apply to bank

Prashant Nayak
Advocate, Mumbai
28570 Answers
101 Consultations

4.4 on 5.0

1) you are co owner of property 

 

2) bank would not agree fir removal of your name unless loan is repaid or your husband requests bank to remove your name 

 

3) yiu can approach bank for removal of your name but chances of success are bleak 

 

Ajay Sethi
Advocate, Mumbai
89849 Answers
6516 Consultations

5.0 on 5.0

1. In immovable property matters, mutual consent signatures of both parties will be required to remove /delete names from Loan Records .... wherein one of the party will have to file undertaking to pay any pending loans etc....

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

Hemant Agarwal
Advocate, Mumbai
5612 Answers
25 Consultations

5.0 on 5.0

Until and unless the home loan is fully discharged your name as a co borrower will continue to appear in the cibil records.

You can talk to your ex and get the matter sorted out through bank by arranging for another surety or borrower to get you relieved from this loan mentioning your divorce.

He  need to contact the lender and ask for a novation for the joint home loan and then add the new co-applicant to the loan. By doing so, he can apply with the new co-applicant, provided that they meet all the new lender's home loan eligibility criteria. 

 A Novation is a declaration that shifts the responsibility of repayment of home loan from two borrowers to one. Not all the lenders allow this, so whether he can be able to do this or not will depend on the lender's terms.

A co-borrower, sometimes called a co-applicant, is a person who shares liability for repaying a loan with another person. Applying for a loan with a co-borrower reassures the lender that multiple sources of income can go toward repayment.

There is another way to have your name removed from the mortgage: He may have to apply for a loan to refinance the mortgage, in his name only.

T Kalaiselvan
Advocate, Vellore
80015 Answers
1674 Consultations

5.0 on 5.0

- If your ex husband is in possession of that property for which you was also an applicant , then you can move an application before the said bank with the copy of the divorce decree and thereby request for the removal of your name . 

- Since, you are now no related to him , then the bank may correspond him before removing your name , however it is the duty of bank to inform him for the same. 

Mohammed Shahzad
Advocate, Delhi
10661 Answers
132 Consultations

5.0 on 5.0

You have not mentioned if the loan is still outstanding or has been closed. If it is still not fully repaid, your name cannot be removed from the records as a co-obligant. If it has been liquidated, obtain a letter of closure from the creditor.

Swaminathan Neelakantan
Advocate, Coimbatore
2263 Answers
20 Consultations

4.9 on 5.0

Hi, First you have to approach the Bank and ask them what is the procedure to remove the name. If your ex-husband does not agreed for your removal name in the Bank records, then you need to file a suit.

Pradeep Bharathipura
Advocate, Bangalore
5468 Answers
314 Consultations

4.5 on 5.0

Dear Client,

                Generally in such cases refinancing the loan by the spouse in his or her name alone can be a common measure. However, it is not possible to exactly enumerate ways and procedures for getting your name off a loan unless it is known that what kind of loan it was and with respect to which kind of property. So kindly inform about the matter more elaborately.

Thanks & Regards

Anik Miu
Advocate, Bangalore
5846 Answers
59 Consultations

4.9 on 5.0

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