Removing name from loan application

Querist : Anonymous (Querist) 13 September 2011 This query is : Resolved
hi,
my husband is third applicant in home loan from HDFC bank. we want to apply for another home loan , so what is the procedure to remove name from current home loan. but we dont want to sacrifice our right from property.

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ajay sethi (Expert) 13 September 2011
if there were 3 applicants for home loan then name of one applicant cnanot be removed arbitrarily . only if loan is repaid will the bank agree to remove the name . the reason being bank has granted loan based on earning capacity of applicants and the ability to repay the loan

Shastri J.K. (Expert) 13 September 2011
I agree with mr.ajay sethi.

prabhakar singh (Expert) 13 September 2011
WHERE THERE ARE THREE BORROWERS NONE OF THEM CAN WITH DRAW UNLESS BANK AGREES BUT BANK WILL NOT AGREE UNLESS THE LOAN IS RETIRED BY YOU ALL.MOREOVER WHEN YOU DO NOT WANT TO sacrifice Your right from property IT IS NEXT TO IMPOSSIBLE.

Guest (Expert) 13 September 2011
Would you please like to clarify the following points:

1) What was the ground for your husband to enter in to the loan case as a third applicant?

2) Is the property in joint name of three applicants on which loan has been taken on joint names?

3) Whether the repayment of loan is being made out of an account held jointly by the three co-applicants of loan

4) If not about point (3), which of the applicant is making payment of the consolidated installments of loan?

Raj Kumar Makkad (Expert) 13 September 2011
Querist says loan has not been disbursed and her husband wants to avail it from some other bank so question of repayment does not arise.

Your husband by way of a specific application with copies to higher officials of bank can withdraw his desire to avail loan therefrom.

ajay sethi (Expert) 13 September 2011
the querist has not stated that loan has not been sanctioned and disbursed . the opinion has been given on the basis that loan has been sanctioned and disbursed

prabhakar singh (Expert) 14 September 2011
"we want to apply for another home loan "
i re invite the due attention of Mr. Makkad and Mr. Sethi to the sentence quoted above from the query.

The inference drawn by me that they 3 have already taken one loan and now want an other loan by freeing 1 from earlier should not be challenged as misconceived by me.

Querist : Anonymous (Querist) 14 September 2011
1)1st applicant is my brother-in-law,he is doctor.2nd applicant is my father-in-law. and 3rd applicant is my husband.

2)the property in joint name of three applicants & loan has been taken on joint names.

3)EMI is deducted from 1st applicants salary account. not from joint a/c.of all 3.

at present salary of 1st & 2 nd applicants are sufficient for repayment of loan .

on all this ground is it possible that 3rd applicant name can be removed. does it affect on ownership right in property.

ajay sethi (Expert) 14 September 2011
mr prabhakar singh ,querist has now clarified that loan was sanctioned and disbursed . my reply was to Mr makkad suggestion that no loan had been sanctioned and disbursed .

i hold you and mr makkad in great respect and have no intentions of casting any aspersions

since property is standing in name of 3 applicants the bank has sanctioned loan on basis that all the co owners have applied for loan .
although salary of 1st and 2nd applicants are sufficient for repayment and loan is being deducted from 1st applicants account only bank will not agree for removal of name of 3rd applicant

the reason being if tomorrow 1st 2nd applicant fail to pay the loan bank can proceed aginst all the owners of the property and sell the property if need arises

Sailesh Kumar Shah (Expert) 14 September 2011
Mr. Ajay Sethi rightly advised.

Removing name from loan application

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