sandeep 17 January 2021

Father son property dispute/how to remove co-applicant name

I purchased the flat 8 years before , for loan purpose Father is co-applicant and in agreement added father name as second, Complete loan is settled by my earning and even during agreement money given from my account , i have all the documents which shows all the transactions is done from my account, 1) Can i remove my Father name from agreement for same is need re-registration? 2) Can my siblings make claim on property as father name in agreement, need experts opinion thanks in advance

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Quick Summary

This discussion addresses a property dispute where a father was added as a co-applicant for a loan. The original owner, who fully funded the purchase and loan repayment from their own earnings, seeks to remove the father's name from the agreement. Expert advice suggests that while a co-applicant cannot be removed without their consent and bank agreement, the owner can establish the property as self-acquired. A relinquishment deed from the father is recommended, though challenges arise if the father refuses.

3 Replies

Pradipta Nath (Advocate) 17 January 2021

When an loan agreement is already executed, you cannot exit the co applicant without his knowledge and in concurrence with the bank as well. You stated that the loan amount is completely settled from your account. So there is no need as such. As you have already bought the property on your name and repaid from your account. You need to justify that the loan was settled from your source of earning and therefore is a self acquired. In that case your siblings don't seems to have any merit to demand part of it.