It's better you go for partition of the same through court and sell your part through court order.defaulting is not a solution. If wife doesn't pay your share after default bank will take possession of the same
Home loan in joint ownership of husband & wife
Dear Sir, Me and my wife are married for 7 years and have a daughter. We both are in good paying government jobs. 1 year back, we bought a house worth Rs. 2 crore through joint home loan. We are both equal owners in the house and contribute to EMI equally. Now after 1 year, I've started realizing that this is a bad investment and want to sell the house, but my wife is not agreeing to it despite several tries. How can I get rid of this debt? Can I just stop paying my part of home loan EMI and default on home loan? And if I do so, can my wife force me to pay home loan EMI though any court order?
Asked 1 year ago in Property Law
Religion: Hindu
13 Answers
Both are equally liable to repay the home loan
2) if you fail to repay bank can auction flat to recover dues
3) your wife can obtain court orders to direct you to pay your share of EMI
Since the ownership of the house and Home loan is in the joint name of yours and your wife, you have no option but to pay your dues.
Avoid defaulting on home loan, if you do so, Bank will declare you NPA and your credit score will be affected, not to forget you will get into more legal mess
Yes, your wife can obtain court order and you will have to continue with your home EMI
The only option, you have is to convince your wife to sell of the property and close your loan.
Hi,
Hope you're doing well.
You and your wife are equally responsible for repaying the loan. If you default in paying your part, the bank will issue a notice against both of you, and your wife will have to pay back the entire dues. If she doesn't, then your property will be declared as a non performing asset and the bank would auction it to clear its dues. Your wife can go to the court but the Court cannot force you to pay the EMIs.
If you need any legal assistance, feel free to contact.
Regards,
Siddharth Jain.
The house property was purchased in both the names with both of you having equal shares in the property. Besides since you both are joint applicant for the home loan, the responsibility and liability to repay the home loan lies equally on both of you as per the loan agreement conditions.
In such a circumstance, if either of you do not want to continue the loan repayment, the other party can approach court of law to obtain an order against the other to direct him or her to repay or to direct the employer to deduct the amount from the salary in order to avoid the bankers to bring the property to auction sale to recover the dues after declaring the property as non performing asset.
Either way you will be put to unnecessary stress.
Therefore it would be better to talk patiently to your spouse and reconcile the differences and take a decision amicably which would be appropriate to the circumstances.
It is not advisable to let the loan account degrade as NPA. Your future CIBIL rating will be affected and you will find it difficult to raise any bank loan in future. Better convince your wife and arrange for sale of the property, after obtaining the bank's written permission.
Thanks all for your answers. Most of the learned lawyers have said that my wife can get court order to force me to pay EMI. So this means that I can never sell the house and can be forced by my wife to remain in debt for a long time?
Asked 1 year ago
You are committed to it hence you cannot neglect your duty.
If there's an understanding between you both then you can get the desired task achieved
Convince your wife to sell the flat as you have identified better property
Hi.
Hope you're doing well.
As stated above, the Court cannot force you to pay the EMIs. They will give you some time, after which the property will be auctioned by the Bank.
If you need any legal assistance, feel free to contact.
Regards,
Siddharth Jain.
Dear client, I am sorry to hear that but in this case you have to pay the loan until and unless both of you wants to sell the property. Even though your voice cannot force you to pay the loan which is your part of the payment but it is not advisable
No, your wife cannot do that. No court can order you not to sell the property where you have 50% stake and force you to be indebted forever.
You can sell your share in the same anytime but possession will be an issue if she stays there
- Since, this property is in the joint names , then each having equal share in the property .
- Further, either of the owner of the property can sell his share in the property legally for disbursing the loan amount taken by the bank.
- Further, as this is a house and mortgaged with the bank , then it cannot be sold without getting the permission of the bank.
- Further, if you will stop to pay the emi , then the bank can recover the amount from you both
- Further , if you will stop the emi of your part , then your wife will be accountable to pay the same , as this loan was sanctioned on the joint names.
