Hi,
I & my spouse co-own a property in mumbai, & we both had applied for a loan where i am a primary applicant.
Now we are in process of divorce and as settlement, i have to transfer my share of property to my spouse and my spouse has to completely own the loan liability.
Now when we approached the lawyers, we were told since it s a mortgagd property, we need the laon bank's NOC. The bank is not issuing an NOC as on property documents we are still the joint owners, So we are in fix how to come out of the situation.
One option is my spouse get the loan re-financed from another bank as primary applicant, by providing all background info, which may be a time consuming process.
My queries are:
1. Because of the situation we are into, is it not possible from the cvurrent lender to issue and NOC as we are ready to do any documentation required
2. Is ther any other means by which I fulfil my condition of giving up all my ownership rights to my spouse so that we adhere to dicorce MOU and move on in life
3. Is POA an option?
4. Or please suggest any other options.
Thanks in advance,
