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BI bought a house in Tamil Nadu, India, in 2020 with my wife as a co-owner, but I am the principal owner and have paid for everything, including registration and the home loan. My elderly parents currently live there.
Now, after five years, we are going through separation, and I want to sell the house to exit the loan, but my wife is refusing to agree to the sale. She has not contributed to the loan repayments but is still holding onto her co-ownership status.
I am in a difficult position because I cannot force a sale without her consent, and defaulting on the loan would damage my CIBIL score. What legal or practical options do I have in this situation to either sell the house or resolve the financial burden?
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DYes, co-ownership is something one should always stay away from. Your responsibility to ensure control of your own money. If you want to give something to wife – give her own property which can be monetized separately by her. I had similar discussions with my wife, and my point was straight up – if you are not paying a dime for the property, you can not be co-owner. You will be a nominee, so that in case something happens to me, you get a fair share of my property.
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QNAL
First, are you planning on divorce or just going to leave separately?
All of the legal ways are going to require most probably a lengthy and expensive legal battle.
(You’ll need to discuss with your lawyer first)The best option is to reach a mutual agreement with your wife and tell her your problems that you’ll be unable to pay off the loan on your own.
(I don’t know how bad of terms you both of are in so I can only assume maybe you are on talking terms atleast. if that’s not an option consult with a lawyer asap. -
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BI proposed her to either buyout my share or sell me her share, she doesn’t want to do either of them and wants me to give away my share for free, which i am not willing to.
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BLawyer up to contain further damage to your financial position.
She is co-owner so she has 50% rights without paying even a single rupee.
If you have home loan on your single name then stop paying that and let it go into default and auction. Buy the same from auction or enjoy you half part from it.
Same half part can go towards your cash/asset while alimony gets decided.
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DYou might find it quite surprising that there are a lot of kabzas in Hyderabad. My mother’s land is under kabza worth 2 cr. My grandfathers land is under kabza worth 4 to 5 crs. I know a lot of people like that.
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HFuck, i think then its a problem rooted in society. I think we mock on basis of caste, location etc but in the end all is same. In different flavours
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DHyderabad’s been like that. It all depends on political will I believe. I’m from AP, we witnessed a lot of land grabbing in Jagan’s tenure in Visakhapatnam and it’s no more under CBN. Rest of AP doesn’t witness a lot of land grabbing, it’s fine.
Hyderabad has always been a place of land grabbing since decades, political will somehow couldn’t solve it. Buying in layed out ventures is the only solution there.
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EI am not lawyer, but check the option of filing a partition suit. This may force her hand to agree for a sale or a buyout.
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SYes, a partition suit is the way forward. In fact, do not seek a fifty-fifty partition. OP must show that he made all payments with his income and seek 90%. OP must note that his old dependent parents stay with him and have nowhere else to go.
Further, make it clear that you offered to buy her out (don’t say 50%) but she refused to sell her share, or buy your share, or even sell the entire joint property. You will definitely not get 90% of it but it will start a conversation and she may come to the table.
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SIn an IA under the partition suit, seek interim relief of payment of future EMIs by co-owner. The share part becomes tricky but this is also a possible approach to compel her to pay her share of EMIs moving forward. Once she is burdened with it, she’ll want to sell. If you are cool with 50:50, then simply say so ask her to pay her share. Is the loan account on both names? Typically is.
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TSelling your house to payoff the loans is never a good idea. Maybe try extending your current active housing loan to pay off your debts, since housing loan would have low interest rate. If your housing loan is already closed; then try getting new housing loan for renovation/ improvement. And pay off your loans.
Selling your own permanent residence is not a safe play; especially when you have aging parents.
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WFrom others’ experience, you will be entering into a court battle with both sides’ advocates making money off you both. Better option will be to give her the house, and FREE yourself from this huge burden of live, and move on.
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MCIBIL is least of your concerns right now and it doesn’t get affected much for secured loans. Save the money you are paying in EMI and default the loan. Bank will take an year to auction your property and may give her 50% of the auction proceeds.
Don’t let her take possession of the house and no matter what don’t move your parents out till bank takes possession.
Don’t let her use this house as a leverage for your divorce settlement.
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LYou’ve shouldered all the financial responsibility, yet your hands are tied because of the co-ownership. Understandably, you want to free yourself from the loan burden, especially during an already difficult time. Maybe exploring legal options like a partition suit or negotiating a buyout could help.
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