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How to remove co-applicant from home loans?

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Kishore Sagar

You always have a choice

It is a distant reality for a group of people in India to buy a house in their own name. The social and economic status of India doesn’t allow everyone to own a house. Under such circumstances, the Indian and real estate platforms provide certain easiness in consuming what you intend under some relaxation. 

Co-applicant in home loans is such a relaxation provided by lenders to fulfill somebody’s dream of a house. If you are not able to complete the payment of loan alone, you can add up to 6 co-applicants while buying a property. A co-applicant in Home Loan is a person who has an equal liability in paying the loan just like the main borrower. It is not mandatory for the co-applicant to become co-owner of the property. The co-applicant can be a blood relative or a close family member.

If you decide to remove the co-applicant under any circumstances, by following specific legal procedures, you can become the sole owner or payer of the property.

Steps to remove co-applicant

  1. Reach your lender and request a novation - When you decide to remove your co-applicant from your home loan, the first step is to request your lender for a novation. This will declare the transfer of responsibility of paying the loan from multiple borrowers to one borrower.

  2. Submit the reason why you are removing the co-applicant - This includes proving your lender why you are choosing to remove the co-borrower from the home loan. If you are removing the co-applicant because of his weak credits, then submitting a copy of his credit score is enough.

  3. Provide proof of your personal income to be the sole borrower - If you are excluding a payee from your loan, you must be able to prove that you are fit to pay that outlay as well. This can include submitting your salary slips or bank account statements showing your income.


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