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Can I Take Home Loan On My Wife Name. The property has been acquired in the name of wife only but source of fund is husbands IncomeWealth. The spouse that is not on the note can qualify for a new mortgage loan even though they are on title on a home that is being foreclosed on Case Scenario Where Homeowner On Title But Not On Mortgage This is an actual case scenario where a married couple were able to purchase another home while their current home was under foreclosure. The same goes for a co-borrower who no longer wants to be on the line for a mortgage they co-signed. As you are paying the emi it can be considered either as gift to your wife or Loan.
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As we mentioned earlier lenders require all co-owners of a property to be co-applicants of the loan. The same goes for a co-borrower who no longer wants to be on the line for a mortgage they co-signed. However before you decide to buy the next property in your wifes name remember that home loans can also be a deciding factor. Dear Naresh Your wifes name. If your ex-spouses name is on the deed and mortgage they legally remain responsible for the mortgage repayment. The land is registered in my wifes name fully we have availed home loan with my wife as borrower and myself as co-borrower.
As you are paying the emi it can be considered either as gift to your wife or Loan.
There is no legal requirement for married couples to apply for financial products together. However the owner of the property should always be the primary applicant of the loan. There is no legal requirement for married couples to apply for financial products together. To do so you would need to contact your lender to make the request. Such selltransfer requires prior permission of the lender. As you said 100 ownership is of your wife Loan will also be in the name of wife only so only your wife can claim benefit of repayment of home loan us 24 interest portion for self occupied home and us 80c for repayment of principle amount.
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The land is registered in my wifes name fully we have availed home loan with my wife as borrower and myself as co-borrower. You dont even have to tell your partner youre applying for a loan but its best to be honest with your partner about your finances. Using the example above Karen and Ian have a joint loan for a property owned 100 by Ian. As you said 100 ownership is of your wife Loan will also be in the name of wife only so only your wife can claim benefit of repayment of home loan us 24 interest portion for self occupied home and us 80c for repayment of principle amount. Myself and my wife are salaried.
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Speak to an expert Get Started Call us 0808 189 2301. Furthermore your affordability might not stretch as far since the lenders assessment would only be based on one income. Now when I ask to keep my wifes name in the Registration Our builder says it is not possible and it should be added in the agreement. Myself and my wife are salaried. However the owner of the property should always be the primary applicant of the loan.
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However the owner of the property should always be the primary applicant of the loan. My house agreement doesnt have my wifes name added. Here the fact is that the property may have been purchased in wifes name may not mean that the property belongs to her. They can then sign a. So if you lend her Rs 50 lakh she can later transfer jewellery worth this amount in your name.
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As per this rule i cant claim at all hence i wish to change the proportion of 100 share of my wife to 80 in my name. Speak to an expert Get Started Call us 0808 189 2301. So if you lend her Rs 50 lakh she can later transfer jewellery worth this amount in your name. That is co-applicants in a Home Loan need not necessarily be co-owners of the property. If you fall behind on payments both you and your ex will face credit problems.
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Can you please give some ideas in that. Now when I ask to keep my wifes name in the Registration Our builder says it is not possible and it should be added in the agreement. The only legal way to take over a joint mortgage is to get your exs name off the home loan. To do so you would need to contact your lender to make the request. As per this rule i cant claim at all hence i wish to change the proportion of 100 share of my wife to 80 in my name.
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If you fall behind on payments both you and your ex will face credit problems. The same goes for a co-borrower who no longer wants to be on the line for a mortgage they co-signed. However the reverse neednt be true. When both you and your wifes names are on the mortgage youre both legally obligated to pay the debt regardless of any other circumstances. If only your spouses name is on the mortgage you may be able to add your own name to the mortgage.
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Is this possible that i can register a 1BHK flat on my name and loan take on my wifes name 6 Responses 329 Views I am planning to purchase a house by taking home loan on my name but I want to register the property in the name of my mother. Furthermore your affordability might not stretch as far since the lenders assessment would only be based on one income. As per this rule i cant claim at all hence i wish to change the proportion of 100 share of my wife to 80 in my name. If your ex-spouses name is on the deed and mortgage they legally remain responsible for the mortgage repayment. As we mentioned earlier lenders require all co-owners of a property to be co-applicants of the loan.
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As per this rule i cant claim at all hence i wish to change the proportion of 100 share of my wife to 80 in my name. But now i came to know of income tax rules that income tax rebate on home loan be claimed only by the individual on whose name the property is. The interest repayments for this loan should come from a bank account that is solely in Ians name. If your ex-spouses name is on the deed and mortgage they legally remain responsible for the mortgage repayment. If you opt to register the house under your name right now you cant transfergift it to anybody till the time loan is repaid fully.
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Such selltransfer requires prior permission of the lender. You can apply for a loan in your own name after youve married without involving your spouse at all. Therefore having a joint loan should not create any adverse tax impact. Now when I ask to keep my wifes name in the Registration Our builder says it is not possible and it should be added in the agreement. The same goes for a co-borrower who no longer wants to be on the line for a mortgage they co-signed.
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If you fall behind on payments both you and your ex will face credit problems. Speak to an expert Get Started Call us 0808 189 2301. Here the fact is that the property may have been purchased in wifes name may not mean that the property belongs to her. The spouse that is not on the note can qualify for a new mortgage loan even though they are on title on a home that is being foreclosed on Case Scenario Where Homeowner On Title But Not On Mortgage This is an actual case scenario where a married couple were able to purchase another home while their current home was under foreclosure. If you opt to register the house under your name right now you cant transfergift it to anybody till the time loan is repaid fully.
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As you are paying the emi it can be considered either as gift to your wife or Loan. Now when I ask to keep my wifes name in the Registration Our builder says it is not possible and it should be added in the agreement. The person who originally applied for the mortgage could agree to continue making the home loan payments and keep the mortgage loan in their name only. That is co-applicants in a Home Loan need not necessarily be co-owners of the property. They can then sign a.
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As you are paying the emi it can be considered either as gift to your wife or Loan. Firstly your choice of mortgage lenders and products will be more limited since the majority of mortgage providers prefer married couples to apply in joint names. When both you and your wifes names are on the mortgage youre both legally obligated to pay the debt regardless of any other circumstances. Dear Naresh Your wifes name. Also the lender has the right to go after your ex if you default on the loan.
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The spouse that is not on the note can qualify for a new mortgage loan even though they are on title on a home that is being foreclosed on Case Scenario Where Homeowner On Title But Not On Mortgage This is an actual case scenario where a married couple were able to purchase another home while their current home was under foreclosure. Using the example above Karen and Ian have a joint loan for a property owned 100 by Ian. They can then sign a. Speak to an expert Get Started Call us 0808 189 2301. The person who originally applied for the mortgage could agree to continue making the home loan payments and keep the mortgage loan in their name only.
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If you fall behind on payments both you and your ex will face credit problems. However if the entire funding is done from your account only. If you fall behind on payments both you and your ex will face credit problems. My house agreement doesnt have my wifes name added. However before you decide to buy the next property in your wifes name remember that home loans can also be a deciding factor.
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Furthermore your affordability might not stretch as far since the lenders assessment would only be based on one income. There is no legal requirement for married couples to apply for financial products together. One way of circumventing this is to give a loan to your wife. Your lender will either decline to add your name due perhaps to credit concerns or agree to add your name by means of a simple mortgage modification. They can then sign a.
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Is this possible that i can register a 1BHK flat on my name and loan take on my wifes name 6 Responses 329 Views I am planning to purchase a house by taking home loan on my name but I want to register the property in the name of my mother. When both you and your wifes names are on the mortgage youre both legally obligated to pay the debt regardless of any other circumstances. You dont even have to tell your partner youre applying for a loan but its best to be honest with your partner about your finances. Here the fact is that the property may have been purchased in wifes name may not mean that the property belongs to her. You can apply for a loan in your own name after youve married without involving your spouse at all.
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As we mentioned earlier lenders require all co-owners of a property to be co-applicants of the loan. If your ex-spouses name is on the deed and mortgage they legally remain responsible for the mortgage repayment. As you said 100 ownership is of your wife Loan will also be in the name of wife only so only your wife can claim benefit of repayment of home loan us 24 interest portion for self occupied home and us 80c for repayment of principle amount. There is no legal requirement for married couples to apply for financial products together. The person who originally applied for the mortgage could agree to continue making the home loan payments and keep the mortgage loan in their name only.
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Using the example above Karen and Ian have a joint loan for a property owned 100 by Ian. Is this possible that i can register a 1BHK flat on my name and loan take on my wifes name 6 Responses 329 Views I am planning to purchase a house by taking home loan on my name but I want to register the property in the name of my mother. Means Down Payment Property Acquisition charges and total loan repayment than you can claim the entire amount of housing loss in your name considering you are the only owner of the property and your wife do not own any financial stake in the property. Dear Naresh Your wifes name. However before you decide to buy the next property in your wifes name remember that home loans can also be a deciding factor.
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