Dear All,
Need your valuable suggestions on a peculiar case of one of my close friends whose CIBIL has hit badly due to late payments of home loan EMI where he is a co-applicant.
This goes back to 2010 wherein he married a girl and jointly took a home loan where his ex wife was the main applicant and he was co-applicant. Later he finds out about her extramarital affair and filed for divorce, which concluded around 2015-16. He never made any EMI payment as his ex-wife was paying it even till date. In divorce order by family court it specifies that he has no further interest in the property and it belongs to his ex.
Around 2022-23, he noticed one home loan of axis bank is mapped to his CIBIL, when enquired at the bank he found out it is the same HL in which he was the co-applicant. He did enquire bank about his (co-applicant) name removal but they mentioned about novation process where consent of main applicant along with bank is necessary. Considering his personal relationship background with his ex it is practically impossible for him to initiate discussions with her to get his name removed from loan, he has neither spoken nor met her in last 11-12 years. Balance tenure on HL is still around 7 years which is really scary.
Kindly advise if there is any process where his name can be removed unilaterally. In his 15 yrs CIBIL history there is not an even a single payment which is delayed, but this incident has left him disheartening, especially when he knows he is not at a fault.
Thanks
Need your valuable suggestions on a peculiar case of one of my close friends whose CIBIL has hit badly due to late payments of home loan EMI where he is a co-applicant.
This goes back to 2010 wherein he married a girl and jointly took a home loan where his ex wife was the main applicant and he was co-applicant. Later he finds out about her extramarital affair and filed for divorce, which concluded around 2015-16. He never made any EMI payment as his ex-wife was paying it even till date. In divorce order by family court it specifies that he has no further interest in the property and it belongs to his ex.
Around 2022-23, he noticed one home loan of axis bank is mapped to his CIBIL, when enquired at the bank he found out it is the same HL in which he was the co-applicant. He did enquire bank about his (co-applicant) name removal but they mentioned about novation process where consent of main applicant along with bank is necessary. Considering his personal relationship background with his ex it is practically impossible for him to initiate discussions with her to get his name removed from loan, he has neither spoken nor met her in last 11-12 years. Balance tenure on HL is still around 7 years which is really scary.
Kindly advise if there is any process where his name can be removed unilaterally. In his 15 yrs CIBIL history there is not an even a single payment which is delayed, but this incident has left him disheartening, especially when he knows he is not at a fault.
Thanks