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14 August 2011

How to Settle your Joint Home Loan issues

With the option of joint home loans many couples are going in for this opportunity to purchase their new home. With the regular working couple this seems to be the best option as they are lucky to get double income every month and since it is the beginning of their life they can also plan for waiting to go in a family way. The most shocking part in the institution of marriage is that not all couples are made for each other and when problems come up the financial issues come up first. In case of divorce of the couple the most important issues coming up are regarding joint home loan.
In case the couple has purchased a home on joint home loan they will first have to settle the ownership issues. If both are at an understanding then they can live separately for some time to see if distance can make their hearts fonder. Meanwhile they can continue paying their EMI as usual. If they have to break up then they will need to settle the ownership with the lending institution. They will both have to hire a help in means of lawyer and counselor who can guide them with the property details. Their loan lending bank will also need to come up in confidence for this problem and give suggestions and guidance for settling this issue amicably.
First the husband or either spouse who has a higher repayment capacity can choose to take ownership of the home. This will let the other spouse to opt out of this loan on mutual consent. If the other spouse has also contributed to the repayment of EMIs during the joint home loan tenure then the purchaser of the flat, the spouse who has taken ownership will pay the desired amount to the other partner. If they have to settle alimony issues of children and maintenance of the wife then the husband can also transfer the property after weighing its financial value in the wife's name. The remaining EMIs will have to be paid either jointly or by one spouse who owns the flat. If the relationship is continuing and both are staying separately then they can divide the EMIs and make an arrangement for one spouse paying after every alternate month or every three month as they both can afford and keep the ownership on both names, since transfer will also take some amount for all the documents and this will again increase costs of your home loan.
If they both are incapable of purchasing the home or wish to close this deal with closure of relationship then they will have to search for a buyer for their home. A person who is willing to take over the present home loan and purchase the flat, some one who pays the total value to the couple and purchase the flat from them and continues from here with the repayment schedule. This new owner can get a home loan from the same lending bank or any other financial institution. All housing loans companies are equipped to settle such issues and they will be able to guide you in a better way regarding steeling of joint home loans in a crisis.

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