Co-borrower refuse to pay the House loan EMI
5 years ago
Respected sir/Madam
My self and My Father are co-borrower of the loan for construction of house, from past 5 years i am paying the loan EMI , when i asked him to shere the EMI he replied like you are not taking care of me, so you alone pay the EMI, my question is that can i legally ask him to pay next five years EMI and there onwors share the EMI equally every month .
Please help me out.
Nothing happen. He have full right over entire property if he does not chose to pay. The similar case is as follows.
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Joint Ownership of Property
Differentiating co-owners and co-borrowers
Joint-owners or co-owners are those people who have a share in the said property. More than one person can be the owner of a property. Joint property owners most of the times are spouse or it could be parents, children or siblings. A property can also be jointly owned with anyone- it could be friends, colleagues, distant relatives etc.
While there are no restrictions in owning a property with anyone, joint home loans come in with certain restrictions. Banks do not sanction joint home loans for relations other than husband-wife, parents and children and in certain cases for brothers, provided they have joint ownership.
Co-ownership of property not is generally mandatory for considering the income of applicants for a loan. All co-borrowers are equally responsible for repayment of loan taken from the bank.
Who is liable to repay the loan?
The liability to repay the loan obtained lies equally with all of the applicants. For example, let us suppose that a working couple has applied for a joint home loan and after few years, the wife stopped working and the husband continues paying the loan EMIs by himself. Now if he had temporarily stops working due and the EMIs could not be paid, the bank serves notice for nonpayment against both husband and wife, as they are equally responsible for loan repayment.
What happens if you become a loan defaulter?
Once you become a loan defaulter, the bank will start the process of taking over your property. They can arrange an auction to sell your house/flat and recover their due amount. If you want to take any action, you need to take before this auction. Apart from this, your credit score will also be hit hard and you might not be eligible for loans in the future. This can be the worst thing to happen to you.
What are the options in this situation?
The best option for you would be to negotiate with the lender upon this. Banks will be ready to talk you over this issue rather than going through the tiresome process of taking over your asset. You can reach out to them with the past documents of EMI payments for this loan or the previous loans that you have cleared. Let us see what all options you have in hand:
1) Ask for a grace period - You can seek a grace period from the bank in order to continue with the EMI payments. You can clearly explain to them the reasons for not being able to pay EMIs such as loss of job or dip in sales of business, etc. Bank may be willing to give you the grace period for resuming EMI payments with some penalty.
2) Loan refinancing - There could be a case where the interest rates have gone up and hence you may not afford the increased EMI. You can talk to the bank to restructure or refinance your home loan. They can increase the tenure of the loan as a result of which your EMI would go down. Though this will result in you paying more, it will be better than losing possession of the property.
3) Counseling centers - There are counseling centers to help you with this issue. They would provide you the appropriate options based on your situation. They will also give you fair knowledge on the things to be followed so that you do not fall into a debt trap. Dena Bank has a credit counseling center which does exactly this.
4) Liquidating your investments - This will be the final step that you can resort to, if the above options do not work out for you. You can liquidate your existing investments such as deposits or mutual funds to pay the EMIs. You can also use this amount to make part payment for the loan which will reduce the EMI going forward.
Anonymous
Replied 5 years ago
Respected sir,
i have thoroughly gone through the document but i could not find the word principle borrower but i found that we both are Borrower and my father signature at the top and my signature is at the bottom.
Sir let me explain the entire event,
Sir i got married to a girl whois relative to my mother, at that time i was unemployed my father, mother and my 2 uncles were forced and convinced me to get marry that girl but at that time girls family was not in the position marry that girl since thy are form very poor background. since my mother was severely ill and bedridden my father forced their family to arrange the marriage it took 1 and Half year till that date that girl was taking care of my mother with out even a formal engagement finally my father bank deposited Around 1 lakh amount to their account than forced them to marry me since no is there to take care of my mother and all my uncle and my father promised that they will take care all my financial needs(since i was doing my Doctorate degree) but nobody taken care of even at that situation we were taken care of my mother (I married on Sept /october 2004) than got Appointment during 2007 and we were living in the same house,further during 2011 i joined the Better job. than my father and uncle convinced me that instead of wasting the money why don't you take the loan loan and construct a house.i said i don't have any Site so i can't a but my father come forward and said i will gift my site we both borrow loan and construct the house than they convinced that if we take some more amount we can construct extra two portion and rent out so that you can easily meet the EMI of bank loan. and he promised that he will give equal right of ownership for that property. finally the gift deed was ready with this points.
1. tHAT IN CONSIDERATION OF THE NATURAL LOVE AND AFFECTION,which the DONOR has for the DONEE,the DONEE do here by grant,convey,transfer,give and assure unto and to the use of the Donee,freely and voluntarily,the the property mentioned and specifically mentioned and specifically described in the scheduled of this DEED the property mentioned and specifically described in the schedule of this DEED as the same being the self acquired property of the DONOR.
2. the DONEE is as such taking care of DONOR as such,out of natural love and affection the DONOR intends to gift the equal rights,title and interest of the scheduled property in the name of the DONEE.
3. The DONOR has his mental condition intact and and out of his free will is not under any undue influence,threat,coercion,compulsion, with with a keen desire to see the DONEE settled and well established in his life grant,convey,and transfer the property by executing this DEED, which is done only on his abundant love and affection towards the DONEE being the joint consideration for this DEED.
4. Here after DONOR has delivered possession and equal ownership of the scheduled property unto and in favor of the DONEE to HAVE AND TO HOLD the same for use and occupation and benefit jointly i.e. joint ownership with donor and unconditionally forever and is entitled to get the katha transferred to joint names and also other records at the office of corporation and other government departments changed in joint name AND THAT the DONEE has accepted the gift of joint ownership of the property here under made as testified made as testified by him being a party here to and executing the presents.
5. Here after on completion of the execution of this GIFT DEED the DONOR for all purposes also having equal right of ownership over the schedule property.
6. Asa per this deed of gift the DONOR has gifted the equal rights of ownership,title,interest,and possession of the property to DONEE,here after donor and donee are having equal rights over the schedule property.
with this he rented the two portion with out my knowledge where he mentions he is the absolute owner and he collecting rent from past 5 years, know i asked him why you are doing so he says that you have not taken care of your mother so i will not give half rent and i am not responsible for your bank loan and EMI.
my question is 1. with out seeking court permission dose he have privilege to declare that he is the absolute owner of the property.
2. please Suggest me what step i should take to rescue this financial burden.
Thank you sir.
Mohd Imran
Responded 5 years ago
Anonymous
Replied 5 years ago
Respected sir,
i have thoroughly gone through the document but i could not find the word principle borrower but i found that we both are Borrower and my father signature at the top and my signature is at the bottom.
Sir let me explain the entire event,
Sir i got married to a girl whois relative to my mother, at that time i was unemployed my father, mother and my 2 uncles were forced and convinced me to get marry that girl but at that time girls family was not in the position marry that girl since thy are form very poor background. since my mother was severely ill and bedridden my father forced their family to arrange the marriage it took 1 and Half year till that date that girl was taking care of my mother with out even a formal engagement finally my father bank deposited Around 1 lakh amount to their account than forced them to marry me since no is there to take care of my mother and all my uncle and my father promised that they will take care all my financial needs(since i was doing my Doctorate degree) but nobody taken care of even at that situation we were taken care of my mother (I married on Sept /october 2004) than got Appointment during 2007 and we were living in the same house,further during 2011 i joined the Better job. than my father and uncle convinced me that instead of wasting the money why don't you take the loan loan and construct a house.i said i don't have any Site so i can't a but my father come forward and said i will gift my site we both borrow loan and construct the house than they convinced that if we take some more amount we can construct extra two portion and rent out so that you can easily meet the EMI of bank loan. and he promised that he will give equal right of ownership for that property. finally the gift deed was ready with this points.
1. tHAT IN CONSIDERATION OF THE NATURAL LOVE AND AFFECTION,which the DONOR has for the DONEE,the DONEE do here by grant,convey,transfer,give and assure unto and to the use of the Donee,freely and voluntarily,the the property mentioned and specifically mentioned and specifically described in the scheduled of this DEED the property mentioned and specifically described in the schedule of this DEED as the same being the self acquired property of the DONOR.
2. the DONEE is as such taking care of DONOR as such,out of natural love and affection the DONOR intends to gift the equal rights,title and interest of the scheduled property in the name of the DONEE.
3. The DONOR has his mental condition intact and and out of his free will is not under any undue influence,threat,coercion,compulsion, with with a keen desire to see the DONEE settled and well established in his life grant,convey,and transfer the property by executing this DEED, which is done only on his abundant love and affection towards the DONEE being the joint consideration for this DEED.
4. Here after DONOR has delivered possession and equal ownership of the scheduled property unto and in favor of the DONEE to HAVE AND TO HOLD the same for use and occupation and benefit jointly i.e. joint ownership with donor and unconditionally forever and is entitled to get the katha transferred to joint names and also other records at the office of corporation and other government departments changed in joint name AND THAT the DONEE has accepted the gift of joint ownership of the property here under made as testified made as testified by him being a party here to and executing the presents.
5. Here after on completion of the execution of this GIFT DEED the DONOR for all purposes also having equal right of ownership over the schedule property.
6. Asa per this deed of gift the DONOR has gifted the equal rights of ownership,title,interest,and possession of the property to DONEE,here after donor and donee are having equal rights over the schedule property.
with this he rented the two portion with out my knowledge where he mentions he is the absolute owner and he collecting rent from past 5 years, know i asked him why you are doing so he says that you have not taken care of your mother so i will not give half rent and i am not responsible for your bank loan and EMI.
my question is 1. with out seeking court permission dose he have privilege to declare that he is the absolute owner of the property.
2. please Suggest me what step i should take to rescue this financial burden.
Thank you sir,
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