How Can I Remove CO Applicant From HDFC Home Loan?

What is the role of co applicant in home loan?

A co-applicant is a person who applies with the borrower for a joint home loan.

This is done so that the co-applicant’s income may be used to supplement the income of the borrower and increase their joint home loan eligibility.

A son and an unmarried daughter can apply for a joint home loan with parents..

How can I remove CO applicant from home loan?

Step 1: Contact your lender and request a novation. When you seek to erase the name of your co-applicant from your home loan, you must contact your lender and ask for novation. … Step 2: Provide your lender proof to show why you want to remove the co-applicant’s name. … Step 4: Refinance the balance amount of the home loan.

Can we change co applicant in home loan?

In case the lending company does not allow a novation, you can opt to refinance your existing home loan with a new lender and a co-applicant who qualifies for the new lender’s home loan eligibility criteria.

How can I close my HDFC home loan account?

synopsisYou collect all your original documents from your lender.Obtain a ‘no dues’ certificate from your lender.Get lien on property removed.Obtain the updated Non Encumbrance Certificate.Your credit records are updated.

Who can be co applicant for mortgage?

A co-applicant is one who applies along with the borrower for a loan. A borrower has the option of having a co-applicant to a loan along with himself. The coapplicant cannot be a minor. Most banks permit a few specified relations who can be coapplicants – brothers, parent and son, husband and wife.

How is home buyout calculated?

Calculating Buyout Amount After you know the value of the house, you can calculate the amount of the buyout for your spouse. Take the value of the house and subtract the payoff amount for your mortgage. Once you have this value, that will represent the amount of equity that you have as a couple.

What happens if you have a joint mortgage and split up?

1. If you stop making the mortgage payments as a result of a relationship break-up, your lender will hold both of you liable and can pursue both of you for any arrears. The fact that one of you may have continued to pay ‘their’ share of the mortgage does not affect this principle.

How do you remove someone from a house title?

Follow these steps to remove someone’s name from a property title:(Optional) Hire a licensed conveyancer. … Fill out a transfer of title form. … Submit the transfer of title form. … Pay the fee. … Wait for the form to be processed.

How do you remove someone from a mortgage?

You usually do this by filing a quitclaim deed, in which your ex-spouse gives up all rights to the property. Your ex should sign the quitclaim deed in front of a notary. One this document is notarized, you file it with the county. This publicly removes the former partner’s name from the property deed and the mortgage.