House was co-owned by me & my wife
Loan was taken as co-applicants by me & my wife
Wife has now signed a gift deed to transfer ownership of house to my name only.
I had informed the bank (SBI) about this but didn’t take a written consent before making gift deed.
Me and wife have now submitted a proposal to bank (with copy of gift deed) to transfer the loan in my name only.
Bank is yet to respond on this.
What are logical next steps & will there be any legal issues ??
Can the loan be just transferred to my name after re-calculating the amount based on my income ??
Please answer with this at the earliest. Appreciate your help.
I dont think there will be any issues. Let’s wait for the banker to respond.
Loan Transfer : The banker has to take the call based on the risk, credit and income profile(s).
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Hi Sreekanth, after submitting the original gift deed, the bank said I don’t need to reapply for new loan but loan cannot be transferred also.
So I will be only person liable for future payments and wife will not be liable. But her name cannot be deleted from the records. They have given a document stating this.
I have 2 questions about this.
How will that affect CIBIL score of wife if there are EMI payment delays from me ??
Also, will there be any issues for her when trying to get a loan in future because her name is still in the books ??
Thanks in advance, appreciate the help.