Need resolution on loan/property matter
Narendra
(Querist) 25 November 2013
This query is : Resolved
Dear Sir,
I bought the house in the year 2006 for around Rs 16 lac where a down payment of around 10 lac was made and rest was through bank loan (Approx 6 lac). The house was bought by money given to be my father and rest is being paid as EMI by me as I am the sole earning member. I included my wife's name while doing property registration solely becuase she is my wife although she did not contribute anything towards it. Right now because of job changes my salary has lowered and I am unable to pay EMI and hence the loan amount is increasing steadily. I am afraid that I have lost the will to pay EMI as my salary is just enough to run household. What I want to do there fore is to to sell the 2BHK house that I own and buy a new 1 bhk house and pay off the loan amount from money saved and thus live loan free life.
But now the problem is that my wife is not supporting me in this decission and since the house is jointly owned she is not ready to give her signature so that I can sell the house. In this situation what is happening is that my loan amount is increasing and my EMI portion is also increasing. I foresee this house going in auction some day and we will incur lots of loss just because my wife is unwilling to allow me to sell it.
Please I need guidance and courts intervention to resolve this issue as soon as possible otherwise my house will go for auction in near future as I m very confident that I can not and am unwilling to pay the loan at such small salary.
Please guide us what course of action to take and how courts can help us resolve this issue asap. Please understand that my wife's name was included solely on emotional background and she has no role to play in money matters on this property.
Thanks
Narendra
(Querist) 25 November 2013
Also the house has current market value of around 55 lac. Even if we paid of loan amount of 7 lac we will have enough money to buy small 1bhk house and that is my purpose.
Devajyoti Barman
(Expert) 25 November 2013
Court can not help now. You better make your wife understand that you would out her name in the new flat and the money left in balance.
Rajendra K Goyal
(Expert) 25 November 2013
Legal procedure would be a lengthy and time consuming. You can dispose of some other asset with her consent or take her in confidence for amicable settlement. Take help of her parents, relatives and person who are impressive.
Raj Kumar Makkad
(Expert) 26 November 2013
Well advised by experts so no more to add.
