You need to contact your lender and ask for a novation for your joint home loan and then add your new co-applicant to the loan. Follow the guidelines of your lender for the novation. 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. Although, keep in mind that the home loan interest rate may vary from your existing rate in case of refinancing.
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