Release deed

Net (Querist) 05 January 2015 This query is : Resolved
Hello respected people,

I own a property jointly with my Ex Wife and now she wants to opt out her name from her share, so we agreed on a sum of settlement for her to release her share and give me her release deed, which is to be registered in the registrar's office. However this property is also on a joint loan . Please advise

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ajay sethi (Expert) 05 January 2015
bank consent would be necessary since loan is in joint names . also please check the stamp duty payable on relinquishment deed in your state

Isaac Gabriel (Expert) 06 January 2015
It depends upon the security given for obtaining the loan.You have to satisfy the banker about your credibility for repayment and the sources at your command.

Devajyoti Barman (Expert) 06 January 2015
gET A DEED OF RELEASE OR GIFT EXECUTED BY HER AND DEPOSIT THE SAME.
The bank will remove her name from laon account.

Anirudh (Expert) 06 January 2015
I agree with the views of Mr. Ajay Sethi and Mr. Isaac Gabriel.

Dr J C Vashista (Expert) 06 January 2015
I agree with experts, no room left.

RAJU O.F., (Expert) 07 January 2015
Unless the bank is releasing her from the liability, she would be co-borrower/ guarantor to the loan dues.

krishna mohan (Expert) 07 January 2015
One more issue to be considered is your loan eligibility as bank sanctioned loan based on both of your repaying capacity. If she is not a earning member and not considered for additional quantum of loan, you can submit the relevant original document and request for removal of her from the loan a/c as co-borrower with her signed application/consent.