Please advise

armaan (Querist) 24 September 2010 This query is : Resolved
Hello experts

Please answer my query:-

A flat was booked on three names and all the three persons are co borrowers of finance loan from LIC housing finance limited.Now second and third party being unable to pay the loan wants to withdraw from ownership as well as the borrowed loan.

Please explain the procedure and the consequences of this action.

Regards

Armaan

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DEFENSE ADVOCATE.-firmaction@g (Expert) 24 September 2010
If the remaining one is ready to take over the lender will do it.

R.Ranganathan (Expert) 24 September 2010
As stated by Mr. Shashikumar if the remaining owner is interested in having the entire property then he can ask the others to release their shares and rights in the property. Further this has to be approved by the financier LIC Housing Finance which will depend on your repayment capacity.

s.subramanian (Expert) 25 September 2010
I agree with the above views.

armaan (Querist) 26 September 2010
Hello all

Thanks for the prompt replies but the problem is that third party is not giving any response to it.

As they had some dispute between them so not the two parties don't want to continue with this home or loan.So how can they discontinue their names with immediate effect t?

Chanchal Nag Chowdhury (Expert) 28 September 2010
The existing person may take over the whole, if he can afford.

Sri Vijayan.A (Expert) 05 October 2010
The first party can continue to pay.
To remove other parties, approach them with your intention. If they agree get a conveyance deed in your name, otherwise consult a local lawyer for filing a suit

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