Home Loan

How to remove co-applicant from home loan?

Enter your first and last name
Please enter Full Name
Enter your 10-digit mobile number
Mobile No can not be blank
Enter your pin code
Pin Code can not be blank
null
null

I authorize Bajaj Finserv representative to call /SMS towards this application and other products/services. This consent overrides my registration for DNC/NDNC.T&C

Please accept the terms and conditions
An OTP has been sent on your mobile number

Enter one-time password

0 Seconds
Entered wrong mobile number ?
null
Enter net monthly salary
Net Monthly Salary can not be blank
Please enter loan amount required
null
null
null
select date of birth
Please enter your date of birth
Enter PAN card details
Pan Card can not be blank
Select employer name from the list
Enter personal email address
Personal Email can not be blank
Enter official email address
Official Email ID can not be blank
Enter current monthly obligations
null
null
null
null
null
Select business vintage value
Enter your monthly salary
Net Monthly Salary can not be blank
null
Please enter loan amount required
null
Please Select Balance Transfer Bank
null
null
Enter annual turnover (18-19)
Enter your Annual Turnover 17-18

Thank you

How Can You Remove a Co-Applicant’s Name from a Home Loan?

If you wish to remove a co-applicant’s name from your joint home loan, you need to ask your lender for a novation. The original loan will then be substituted for a new one, in the name of the person who will take complete financial responsibility for the home.

If your lender does not allow novations, then you need to ask your co-owner to get the home loan refinanced. However, keep in mind that their credit score should be good enough to make them eligible to apply for a home loan balance transfer in their sole name. They will need to provide a few documents, like the past six months’ bank statement, pay stubs, tax returns for two years, and KYC documents.

You will also need to sign a quit claim deed to give up your ownership of the home, but if your co-owner does not qualify for the refinancing then you will have to consider selling the property off.