Transferring Bank Loan to Husband

Interesting question @Nunezma.

I do not know if it's possible to transfer the balance but maybe your husband can get a new loan, make the full settlement for your current loan balance and then service his loan like normal.

This could be a good chance for you to - a) get better loan rates (hopefully), b) restructure the loan payment as you see fit (shorter or longer terms for the new loan), c) benefit from the early full settlement discount (banks typically provide this).

Although I haven't view such scenario before, but I believe it's really possible, provided, your husband has not an existing loan and financially not lesser than you.

I think bank could actually process it as issuing a loan to your husband of the remaining amount with all required documents for a loan. Once issued, they will transfer that amount to pay your remaining. But its my personal thought. Contact the bank by visiting there and discuss.

Banks do that for secured loans i.e. loans against which there is an asset like a car or a house.  However, for unsecured loans, it is not a transfer as there is no asset to mitigate risk against; practically your husband has to take a new loan and pay off your old one.

This is the case for most banks but check as some may make allowances based on relationship.

Thanks for your opinion.. I appreciated.

Thanks Sir.