Your son custody will remain with your wife.

Removing your name from Home Loan, you have to prepare deed of release.

Under Hindu Minority and Guardianship Act, 1956, mother is natural guardian and custodian of child till it reaches age of five years with visiting rights to father. Thereafter, father  is natural guardian and custodian of child with visiting rights  to mother. File a petition in Family Court for custody of visitation of child, after one year you can amend the petition to full custody of child. 

You need to execute a tripartite agreement among bank and wife and husband and seek your discharge. Bank can discharge you from liability only if wife is ready to take full accountability for payment of debt.

You should refuse to agree upon divorce unless wife removes your name as co applicant of loan and repays the loan taken from LIC 

as on date you are equally liable for loan repayment 

In divorce petition filed by wife mane application for joint custody of your son 

1.  Inform the L.I.C. Housing Finance that the divorce is in the offing and you want to withdraw as Co-obligant for the construction loan availed by your wife in whose name the property is.

2.  If you and wife are opting for Mutual Consent Divorce, the custody of your four year old son can be mutually and amicably settled to your advantage.  However if any of you is opting for contested divorce, then you can pray to the Court for custody of your son aged 4 years.  Normally, in contested divorce, custody of child below five years might be given to the mother.  Hence please opt for Mutual Consent Divorce.

The first step to removing a co-applicant is contacting your lender and asking for a novation.

A novation is a declaration that the responsibility of repayment of the loan is shifting to just one person instead of two.

Your lender needs evidence before they eliminate the co-applicant's name from the home loan.

You may produce the copies of the divorce petition and also deductions of EMIs through her salary account in order to declare that you are neither a beneficiary in this home loan nor you are liable to pay the home loan because you are just a co-applicant and not even a owner of the property.

Alternately you  may issue a legal notice to her and ask her to comply with the procedure that is required to remove your name as co-applicant, failing which you can escalate the matter through legal forum

You can file a child custody case under the provisions of guardians and wards act before the jurisdictional court within which your child resides currently.

You can take directions from court and submit the same to bank 

The first step to eliminating a co-applicant is contacting your lender and requesting a novation. A novation is a statement that the obligation of reimbursement of the loan is moving to just one individual rather than two.

Apply for custody but court will grant visitation right .

- Since, the said property is in her name , and the loan amount has been sanctioned in her name after making your the co-applicant , hence in the event of non-payment of the amount you may be asked to pay the same. 

-  Further, you should submit an application with the reason  before the loan granting bank for the removal of your name as co-applicant and request for novation .  A novation is a statement that the obligation of reimbursement of the loan is moving to just one individual rather than two.

- However , this application should be attached with the copy of the order of the court for showing that a divorce petition is pending before the court

- Further, for getting custody of the son, you can file a petition before the family court. 

Dear client,  

In order to remove your name as co-applicant from the joint loan, you may request the lender to remove your name from the loan as a co-applicant. However, the lender may not agree to this unless the outstanding amount on the loan is paid off or unless they receive a replacement co-applicant. You may also approach the family court where the divorce proceedings are pending and seek an order directing your wife to remove your name as co-applicant from the loan.

Regarding the custody of your 4-year-old son, you may file a petition for custody before the family court. The court will consider the best interests of the child while deciding the custody. The factors that the court may take into consideration while deciding the custody include the child's age, health, educational needs, emotional ties with each parent, and financial status of the parents. It is advisable to engage the services of a family law attorney to represent your case before the court.

Dear Sir,

The following may give solution to your question.

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Joint Ownership of Property

Differentiating co-owners and co-borrowers

Joint-owners or co-owners are those people who have a share in the said property. More than one person can be the owner of a property. Joint property owners most of the times are spouse or it could be parents, children or siblings. A property can also be jointly owned with anyone- it could be friends, colleagues, distant relatives etc.

While there are no restrictions in owning a property with anyone, joint home loans come in with certain restrictions.  Banks do not sanction joint home loans for relations other than husband-wife, parents and children and in certain cases for brothers, provided they have joint ownership.

Co-ownership of property not is generally mandatory for considering the income of applicants for a loan. All co-borrowers are equally responsible for repayment of loan taken from the bank.

Who is liable to repay the loan?

The liability to repay the loan obtained lies equally with all of the applicants. For example, let us suppose that a working couple has applied for a joint home loan and after few years, the wife stopped working and the husband continues paying the loan EMIs by himself. Now if he had temporarily stops working due and the EMIs could not be paid, the bank serves notice for nonpayment against both husband and wife, as they are equally responsible for loan repayment.

What happens if you become a loan defaulter?

Once you become a loan defaulter, the bank will start the process of taking over your property. They can arrange an auction to sell your house/flat and recover their due amount. If you want to take any action, you need to take before this auction. Apart from this, your credit score will also be hit hard and you might not be eligible for loans in the future. This can be the worst thing to happen to you.

What are the options in this situation?

The best option for you would be to negotiate with the lender upon this. Banks will be ready to talk you over this issue rather than going through the tiresome process of taking over your asset. You can reach out to them with the past documents of EMI payments for this loan or the previous loans that you have cleared. Let us see what all options you have in hand:

1)      Ask for a grace period - You can seek a grace period from the bank in order to continue with the EMI payments. You can clearly explain to them the reasons for not being able to pay EMIs such as loss of job or dip in sales of business, etc. Bank may be willing to give you the grace period for resuming EMI payments with some penalty.
 

2)      Loan refinancing - There could be a case where the interest rates have gone up and hence you may not afford the increased EMI. You can talk to the bank to restructure or refinance your home loan. They can increase the tenure of the loan as a result of which your EMI would go down. Though this will result in you paying more, it will be better than losing possession of the property.
 

3)      Counseling centers - There are counseling centers to help you with this issue. They would provide you the appropriate options based on your situation. They will also give you fair knowledge on the things to be followed so that you do not fall into a debt trap. Dena Bank has a credit counseling center which does exactly this.
 

4)      Liquidating your investments - This will be the final step that you can resort to, if the above options do not work out for you. You can liquidate your existing investments such as deposits or mutual funds to pay the EMIs. You can also use this amount to make part payment for the loan which will reduce the EMI going forward.