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Removing co-applicant"s name from home loan

(Querist) 21 June 2018 This query is : Resolved 
My friend is a co-applicant in home loan. She was made the co-applicant at the time of sanctioning the loan as her husband was the principal lender at that point of time.
However, they are now legally divorced and she wants herself removed as a co-applicant from the above mentioned loan. She is not the co-owner of the property, but the fact that she is a co-applicant is reflecting in her CIBIL rating and hampering her process to avail any other loan independently.
Please advise regarding the necessary steps to be taken regarding the same.
Vijay Raj Mahajan (Expert) 21 June 2018
This will not be so easy because the Bank which sanctioned the housing loan may not change the status of the applicants who initially were made the co-applicant for any reason, but worth trying.
The decree of divorce may be attached with the application made to bank for removing the name of the woman as co-applicant, also a NOC from the applicant that he has no objection if the name of the woman as co-applicant is removed from the bank loan as neither she co-owner of the property nor the wife any more of the main applicant.
Kumar Doab (Expert) 21 June 2018
Her husband should be principle borrower and not lender..
Kumar Doab (Expert) 21 June 2018
The lender has advanced loan after examining the paying capacity of borrower, co-borrower..
The lender may agree if satisfied..
There is nothing wrong in approaching the lender…
IT may also agree..
Another perspective;
If possible and workable find a buyer and paid the debt and close the loan..and share the proceeds amicably as per amounts invested if any by you…
Other lender may still advance loan to her if she has paying capacity..
Ms.Usha Kapoor (Expert) 22 June 2018
Agree with Vijay Raj Mahajan.
Ms.Usha Kapoor (Expert) 22 June 2018
Agree with VijayRaj Mahajan.
Ms.Usha Kapoor (Expert) 22 June 2018
Agree with Vijay Raj Mahajan
Ms.Usha Kapoor (Expert) 26 June 2018
Agree withy Vijay Raj Mahajan.
Ms.Usha Kapoor (Expert) 26 June 2018
Agree withy Vijay Raj Mahajan.
Ms.Usha Kapoor (Expert) 26 June 2018
I agree with Vijay Raj Mahajan.
Ms.Usha Kapoor (Expert) 29 June 2018
I agree with Vijay Raj Mahajan.
Ms.Usha Kapoor (Expert) 29 June 2018
Iagree with Vijay Raj Mahajan.
Ms.Usha Kapoor (Expert) 29 June 2018
Iagree with Vijay Raj Mahajan.


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