Can loan records for a property be changed by the bank if the divorce proceedings of the property owners is on?
Question asked by Pratibha from India:
Hello, my husband and I are filing for divorce soon. We have an apartment and a plot in joint name which was registered under both our names. The housing loan has my husband as the primary borrower and me as the secondary borrower.
As a result of a mutual agreement the apartment will be kept by me and plot by my husband. We need to make changes in the ownership documents. Also the Bank told me that the loan can’t be shifted to my individual name until the divorce is complete.
My question is – What is the procedure for initiating the change? And can the bank change loan records only after the divorce is complete?
Regards,
Pratibha
Vatsala Answers:
You can get a decree from the court showing that the apartment has been awarded to your name and the plot to your ex-husband’s name. Thereafter the bank will change the records. However you could occupy the apartment now and can even sell it and appropriate the proceedings with your husband as the co-seller. The recitals in the sale deed should show that he has expressly permitted you to receive the entire money.
Vatsala
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