Repayment of home loan which is on wife's name before marriage
mavericand
(Querist) 07 December 2015
This query is : Resolved
Hello Experts,
I have a specific query on home loan repayment after marriage and need your advise.
Query below :
My wife (I am yet to marry her) has a home loan of 13 lac on her name. Right now she is paying the EMI of 10k every month as she is working now.
Her father( who is retired) says, he will pay the EMI if she quits job after marriage.
My question is,
1. In a situation when wife quits job and after her father's death , is the husband legally bound to to make EMI payment for the loan taken by Wife before marriage ?
2. Who is responsible in to make EMI payment if wife and her father both fails to make EMI payment ? What would Bank do in such case ? Can the bank legally ask husband to make payment ?
3. After marriage, she would change her surname to husband's surname. Will the change in name create any issues with respect to EMI payment ?
Cheers !
mavericand
Kumar Doab
(Expert) 07 December 2015
Until or unless you are co borrower,guarantor, bank may not ask you.
Morally: you should support if you ask to quit the job, and even may not ask the father of your bride to pay.
In case of default bank may ask the family to pay and/or may take over the secured assets.
SAINATH DEVALLA
(Expert) 07 December 2015
In addition to the above Lr expert's views,why do U presume that the girl's father will die? Vague thinking.
mavericand
(Querist) 07 December 2015
Thanks Kumar, the reason why I posted this is to understand the legalities of such situation. Pls understand the husband is already on debt on paying 2 home loan EMIs on own house.
@ Sainath, Thanks much. I understand what you meant, but we cant deny the fact about the situation I mentioned.
Kumar Doab
(Expert) 07 December 2015
It is your personal decision of course.
However since you have posted a query therefore it shall be appropriate to let your bride be a working woman.
Both may add qualifications and skills and let their position and income grow.
Best Wishes.
Kumar Doab
(Expert) 07 December 2015
You are welcome!
Rajendra K Goyal
(Expert) 07 December 2015
1. In a situation when wife quits job and after her father's death , is the husband legally bound to to make EMI payment for the loan taken by Wife before marriage ?
____ Husband is not legally bound if he is not a co-borrower / guarantor.
2. Who is responsible in to make EMI payment if wife and her father both fails to make EMI payment ? What would Bank do in such case ? Can the bank legally ask husband to make payment ?
___ Wife would remain liable. Bank would recover outstanding by auction of mortgaged property /said house on loan / other assets of the wife.
3. After marriage, she would change her surname to husband's surname. Will the change in name create any issues with respect to EMI payment ?
____ What type of issue you are talking? Generally no issue would occure.
Sudhir Kumar, Advocate
(Expert) 08 December 2015
"1. In a situation when wife quits job and after her father's death , is the husband legally bound to to make EMI payment for the loan taken by Wife before marriage ?
"
IN THIS CASE AS YOU STATED WIFE WILL PAY EMI OUT OF HER OWN SALARY. SO WHAT IS YOUR PROBLEM.
The doubt indicates that even before marriage you have assumed yo9urself to be the sole proprietor of wife's salary.
Sudhir Kumar, Advocate
(Expert) 08 December 2015
2. Who is responsible in to make EMI payment if wife and her father both fails to make EMI payment ?
THE PERSON WHO HAS TAKEN LOAN WILL PAY IT
What would Bank do in such case ?
THEY WILL RECOVER FROM THE PERSON WHO HAS TAKEN LOAN IN HIS/HER NAME
Can the bank legally ask husband to make payment ?
IN CERTAIN CASES . YES.
Sudhir Kumar, Advocate
(Expert) 08 December 2015
"3. After marriage, she would change her surname to husband's surname. Will the change in name create any issues with respect to EMI payment ?
"
IST CATEGORY ARE THE PERSONS WHO HAVE PROBLEMS
SECOND CATEGORY ARE THOSE WHO HAVE NO PROBLEMS ASSUME PROBLEMS
THIRD CATEGORY IS THE ONE WHO NEITHER HAVE PROBLEM NOR CAN ASSUMED BUT JUST CREATE.
It is not clear if you are in second or third category. But one thing is sure that you are not going to make a happy marriage (particularly with this girl).
Sudhir Kumar, Advocate
(Expert) 08 December 2015
"3. After marriage, she would change her surname to husband's surname. Will the change in name create any issues with respect to EMI payment ?"
ARE YOU SURE SHE IS CHANGING SURNAME.
SAINATH DEVALLA
(Expert) 08 December 2015
Hope the querist has got the requisite input from Sr Adv Sudheerji
mavericand
(Querist) 08 December 2015
Hello Sudhir,
Thanks so much for your comments on the queries I made. While I do understand and confident that I am going to make a healthy and happy married life, let me tell you that we all should know the legalities involved in it. It has nothing to do with whether marriage is gonna be successful or not. Asking queries in this Expert Forum is to help all of us to understand the legalities. We should not be judgmental while answering queries.
I thank you for giving your valuable comments and suggestion.
Stay happy.
Cheers - Mavericand
