Removal of co applicant cum co owner name from agreement & l

This query is : Resolved 

Querist : Anonymous (Querist)
22 May 2019

Can the co applicant cum co owner name be removed from agreement as well as home loan. If yes, what is the procedure

kavksatyanarayana (Expert)
22 May 2019

Dear querist, which type of Agreement? your query is not clear. state full facts for replies.

Dr J C Vashista (Expert)
23 May 2019

No facts have been provided for consideration and obligation of experts.

Dr J C Vashista (Expert)
23 May 2019

An anonymous author may not expect any obligation of experts as per rule of this platform.

krishna mohan (Expert)
23 May 2019

If loan is availed without consent of the Banker it is not possible as loan may have been sanctioned based on the combined earnings/strength.

Hemant Agarwal (Expert)
18 September 2019

1. YES. Co-Applicant /Co-Owner name can be removed from the Agreement and Mortgaged documents /Application, by doing the following:
a) giving an undertaking /indemnity bond, to the Bank to be solely liable for the Loan amount,
b) consequently taking NOC from Bank.
c) NOC from Co-Applicant /Co-Owner, for the purposes.
d) executing a registered "declaration /rectification deed" with mutual signatures of Co-Applicant /Co-Owner.
e) Giving a Certified copy of above to the Bank, for changes in their records.

Keep Smiling .... Hemant Agarwal

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