Legal Question in Banking Law in India

husband is main applicant but not a property holder

wife is co applicant and a sole owner of the property.

1.what are the rights of the main applicant in the property?

2.what is the rights of the co applicant the owner of the property in this property?

3.can she sell the property without the signature of the main applicant and without the consent of the bank?

4.can the main applicant get any share in the property?

5.can the main applicant file a legal site on the bank for allowing the co applicant to be the sole owner of the property?

6 . what are the liability of the main applicant in this scenario?

7. how can the husband ,the main applicant, who is not the property holder save himself from this loan liability?

8. how things can change after legal separation for the

a. benefit/ loss of the co applicant

b .benefit/loss of the main applicant

9. what if the husband , the main applicant is not having repayment financial capacity ?


Asked on 8/15/15, 3:41 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

16.08.2015

Dear Sir /. Madam,

No, a co-applicant is the joint owner of the property. For a co-owned joint property, all the co-owners will have to consent if the property is being mortgaged to the Bank as security for business loan.

Regards,

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Answered on 8/16/15, 3:35 am


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