It’s usually not possible to get out of a joint loan without repaying it and this is why you need to think carefully before taking one out. If, for example, you take out a joint loan with a partner and then split up, you’ll still need to work together to repay it, even though you are no longer in a relationship.

Can you get out of a joint home loan?

1. Sell the Property: It is the easiest option for getting out of the joint Home Loan. Sell the property, pay the outstanding Loan amount to the bank, and close the Loan account. Under this, inform the bank that you both won’t be able to pay the EMI, and obtain a No Objection Certificate (NOC) to sell the property.

How do I get my name off a joint home loan?

If you wish to remove a co-applicant’s name from your joint home loan, you need to ask your lender for a novation. The original loan will then be substituted for a new one, in the name of the person who will take complete financial responsibility for the home.

Can a joint loan be transferred to one person?

Even if you have decided to give your share of the property to the one who would have to serve the loan, you still have full responsibility to serve the loan, legally speaking.

How do I remove my name from a bank loan?

If you co-signed for a loan and want to remove your name, there are some steps you can take:

1. Get a co-signer release. Some loans have a program that will release a co-signer’s obligation after a certain number of consecutive on-time payments have been made.
2. Refinance or consolidate.
3. Sell the asset and pay off the loan.

How can a cosigner be removed from a home loan?

Returning to the original question, usually the only way to remove a co-signer from a mortgage is to refinance the loan. When you refinance the mortgage, you can remove the co-signer and you are the sole borrower on the new loan or potentially a co-borrower with someone else.

How do I transfer a joint property to a single name?

In simple words, you can transfer your property to another person in three ways — i) a sale/transfer deed ii) a gift deed iii) Relinquishment deed. The latter is what will come into play in Swapnil’s case.

Can co borrower be changed?

How Can You Change Your Co-Applicant’s Name on Your Home Loan? You need to contact your lender and ask for a novation for your joint home loan and then add your new co-applicant to the loan. Although, keep in mind that the home loan interest rate may vary from your existing rate in case of refinancing.

Can I transfer my mortgage to my brother?

You can transfer a mortgage to another person if the terms of your mortgage say that it is “assumable.” If you have an assumable mortgage, the new borrower can pay a flat fee to take over the existing mortgage and become responsible for payment. But they’ll still typically need to qualify for the loan with your lender.

Can I take my name off a personal loan?

The Bottom Line One of the risks of cosigning a loan is that at some point you may no longer want to have your name on the loan. Fortunately, you can have your name removed, but you will have to take the appropriate steps depending on the cosigned loan type.

Does removing your name from a mortgage hurt your credit?

The credit bureaus cannot remove an account that is accurately reported to them by your lenders. And if you remain liable for the mortgage loan after your divorce, it will remain on your credit reports.

How do I get my name off of my ex car loan?

Typically, the only way to get your name off the loan is for your spouse to refinance it in his or her name alone. If your spouse can’t qualify for an auto loan by him or herself, or if he or she refuses to refinance the auto loan, it’s worth the time to speak with a lawyer about your options.