Personal housing loan taken against partnership firm

Querist : Anonymous (Querist) 14 July 2021 This query is : Resolved
In a partnership with 2 people A & B, A takes a housing loan by showing his income from the firm, bank includes both the partners and sanctions the loan. But now B does not want to be part of this loan and firm also, what is the best possible way that A gets loan also and B is out of firm and liability too.

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A partner in a two-person firm took out a housing loan, with the bank including both partners. Now, one partner (B) wishes to leave the firm and be removed from the loan liability. The best approach involves dissolving the partnership deed and filing the necessary forms with the Registrar of Firms. It's crucial to clarify whether the loan was taken by the firm or an individual partner, and professional advice from a local CA and lawyer is highly recommended.

kavksatyanarayana (Expert) 14 July 2021
A dissolution of partnership deed shall be executed between them and to be file in Form.V before the Registrar of Firms. Consult a local CA.

Dr J C Vashista (Expert) 15 July 2021
Whether the loan was taken in the name/ account of partnership firm or individual partner A ?
Consult a local lawyer for better appreciation of facts and professional advise.

P. Venu (Expert) 16 July 2021
" A takes housing loan............" "What is the possible way that A gets the loan .................." Are not the facts posted inconsistent?

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