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FAQ: How to transfer joint home loan to one applicant? - Property Hotline
Posted
June 10, 2016
Views
6,468
Likes
62
Comments
5
Engagement
1.04%
June 10, 2016
6,468
62
5
1.04%
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6:44Now PlayingBe Un Confused
Expert: Kartik Jhaveri, Founder & Director, Transcend Consulting Pvt Ld
Q: My brother and I have taken a joint loan for a flat that is registered jointly in our names. We plan to transfer the loan to one applicant, so that we can purchase another property on either of our names. What is the process to remove the name of the co-applicant? What paper work needs to be done?
Answer: Ordinarily this sort of arrangement is not possible. While disbursing a loan in joint name, the bank will check the repayment capacity of both the applicants and hence the loan eligibility will be higher. Logically, if one person has the financial capability to service the entire loan, then the loan can be transferred to a single applicant by changing the loan agreement. However this is subject to the bank's discretion.
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