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Removing Wife's name from sale deed and home loan

(Querist) 06 July 2009 This query is : Resolved 
Hi,
I have bought a house(in Bangalore(karnataka)) that was registered in my name(First holder) and my wife's name(second holder) and I have also taken home loan on that house in mine as well as my wife's name. I have been the sole contributor to all downpayments made for house and all the EMIs as well.
My situation now makes me feel that I should remove my wife's name from the property as well as from the home loan. My wife has also agreed to it. Can somebody please guide me as to how I can do it.
A V Vishal (Expert) 06 July 2009
Dear Sonu

Let your wife enter into a settlement/relinquishment deed or gift deed, for transferring her share of property to you, however, you will have to bear the stamp duty on any mode adopted by you.
Y V Vishweshwar Rao (Expert) 06 July 2009
Your Wife can excute & Registered the Deed of Relinquishment of her share in the proerty in your favour .

You & Your Wife are Joint Borrowers , the name of co- borrower/your wife has to be removed by the bank only , it is at the descretion of the bank -

However the Loan can be hypothetically closd by executing fresh loan documents by you only and transfering the due ( Out standing amount ) of your old Joint House Loan accoutn to your new single person House loan accoutn !

Jayashree Hariharan (Expert) 06 July 2009
approach your wife for release deed, and based on that you can approach the bank for change of name, to yours alone.

Best wishes.
PALNITKAR V.V. (Expert) 06 July 2009
If your wife has no objection, then you should take release deed from her, apply to the bank for transfer of entire loan to you, apply to the concerned authorities to delete wife's name from the record of rights.
a.manoharan (Expert) 07 July 2009
I agree with the above views. a settlement/relinquishment deed or gift deed or release deed can be executed after the stamp duty and registration charges are taken into consideration . Before that, get concurrence from bank as unless and until the loan is repaid, it is almost theirs property.
Harinarayan R. Tripathi (Expert) 07 July 2009
Dear Sonu

I agree in line of the Shri Vishweshwar Rao and in addition to that I state that

In Home Loan :- You have to write an application to the Lender and getting his consent and follow the procedure for removing the name of your wife from the Co-Borrower.

In Sale Deed:- for removing the name of your wife from the Sale Deed you need to execute deed of release of rights in the property in your favour and needs to be duly registered with the appropriate Sub-Registrar of assurances.



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