Search This Blog

14 August 2011

Case of Divorce and Joint Home Loan issues

The opportunity to get the benefit of double income and having the facility to purchase your dream home faster with the facility of joint home loans is making more and more newly wedded couples going in for it. The picture is rosy and all's well that ends well! All the documents are in place and you get a dream home and begin your new life. Then starts the real life!!!  What if you both are not compatible and find many differences, more so , a lot of differences that you just cannot continue the relationship anymore.
What happens to your loans? The saddest part of taking a joint home loan is that you are in a fix.If you have a baby with this marriage then again this will create issues regarding the settlement of alimony and other finances. There also come up ownership issues of the flat which again leads to some bitter experiences with the couple. At one place the divorce is a big blow to the family and other point come the settlement of loans which again increase the bitterness with the relationship.
I have known a family who had such issues and when they were facing emotional problems about their marriage the family of both were more interested in settling the joint home loan and the titleship issues of their flat! This again created more bitterness and though the relationship is continuing I think the scar of financial discussions and property settling issues will always remain.
Is it better to take a home loan on your own? well no . With the property rates shooting the sky the joint home loans are the best option for any newly wedded couple. But it would be better for both of them to be practical, I say practical and not skeptical , doubts are a killer in any relationship! and discuss the financial issues relating to loan repayment , title ownership of flat , usually it is joint ownership, and EMI paying every month and then enjoy the journey of repayment and go get that dream home of yours!

No comments:

Post a Comment

Comment Like Share your views and experiences on Home Loans!