Joint home loan - bounce
Lifeasitis
(Querist) 16 May 2013
This query is : Resolved
Hi,
My husband and myself have joint home loan. we are both co borrowers as well as co owners. EMI amount deducts from my partner account every month and i transfer half the EMI into his account.
From some time my partner started threatening that he is no more interested in the house and bounced emi deliberately though he is earning. I want to keep house for our children. I told him am ready to take whole loan and ownership as well. My salary alone is suffice to take up whole loan, no issues in this front.
But he is not ready and telling that he will get rid off the house somehow..put it to auction and take his share. But I found out that if it goes to auction, we wont get single paisa..because hardly any principal amount has been deducted and mostly we paid interest only.
How to tackle this situation?
I already spoke to the lender and they said they will see for couple of bounces and take appropriate action.
Legally is there any option to get loan and ownership on my name if i can prove he is willfully bouncing the emi??urgent help pls!!
Guest
(Expert) 16 May 2013
The question is, in whose name the house or flat is registered? Loan would remain in the name of the house owner. Of course, being joint borrowers, both of you can be booked for dishonour of cheque for EMI
ajay sethi
(Expert) 16 May 2013
seems your husband is planning a divorce . he wants to stop paying EMI of loan as he does not want you to raise any claim on the flat co owned by him . stop transferring funds to his account .
Shashikant V. Patil
(Expert) 16 May 2013
This has become a unfortunate, being husband and wife , well planned to have your own house but, one of the partner, spoiling the life of others. Having been joint home loan, and having co-applicant, this should have been avoided. Here,wife is ready to take liabilities to pay loan but it is not understood in whose name the property ? If it is wholly in the name of wife, then wife may go ahead to pay all loan independently without considering husbands mischief.
V R SHROFF
(Expert) 16 May 2013
If you go for DV act , you get residence order with order to pay all outgoing of your co-owned matrimonial home including EMI for the same. No one can dispossess you or the children.
You can ask creditors to collect EMI directly from you, and apply court to trf the Flat as your residential home lifetime.
You also demand Mtn for children, so your EMI contributions will be compensated to some extent+ Proof that you are paying EMI.
R.K Nanda
(Expert) 16 May 2013
no more to add.
Lifeasitis
(Querist) 16 May 2013
Hi,
Thanks for the replies so far.
House in name of both of us. Both of us are owners of the flat and both of our names are on sale deed as owners.
Raj Kumar Makkad
(Expert) 17 May 2013
No more to add after going through the entire replies.
