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Me and my wife took a loan for our flat, my wife was the co-applicant but never contributed for the loan repayment, now we are headed for a separation, if I want to remove her name as co-applicant then how can I do so?
asked Oct 3, 2017 in Home Loan by Tirthdeep Mukherjee (19 points) | 1,863 views

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Lets look at 2 cases :
1. Your wife is co-applicant but not co-owner : In this case, you need to go back to the bank you took the loan from ; or in case you want to shift the loan to a new bank, go to the bank and explain about removing co-applicant. They will need to update their records provided you are still eligible for the loan amount without a co-applicant.
2. You wife is also the co-owner : This case is tricky. You can get your wife's name removed as a co-applicant. But the sale deed and Index 2 lists her as owner! Now, unless she gifts her share of property to you, she continues to be 50% owner (but you alone will pay the 100% loan amount). So, you can still get the loan shifted fully to your name, but I wonder how you will be able to move the property fully to your name!
answered Oct 4, 2017 by Kushagra Mehta (37 points)
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