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How to deal with a Joint bank loan and a Pending divorce?


21-Jan-2023 (In Banking / Finance Law)
I am a Hindu and the sole owner of my flat but my husband is a coapplicant to the home loan. But EMI's are fully paid by me from My salary .I have filed for divorce in family court due to personal disputes. How can i remove my husand name from the loan ? The bank says it mandatory to have a co applicant. For everything they need co applicant sign also. He has desserted us and is not approachable and will not sign any paper that will help me. Please guide. What can i do? i am willing to take full repsosnibility for loan . The woory is even if I close the loan ,they say he must come when i have to collect documents . For transfer to other bank also they want his sign. Should i take care of nay aspect on this during the passing of decree of divorce.
Answers (1)

Answer #1
826 votes
Hi,

Please meet the manager of the bank with all documents related to the divorce and request the bank to replace the co-applicant (only if it is mandatory) with someone else. A guarantor may be enough, so ensure to give a request in writing and get their response. As the loan is repaid through your salary account there may not be any issue. If the bank still insist then you can approach the family court for a specific order in this regard.

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.

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