House Loan disputes and lease money settlements
3 years ago
Me and my NRI husband have jointly purchased a house of cost 3 crore, in that my parents have given 1 crore and rest 2 crore is loan, monthly EMI is 1.60 lakh. It was agreed that my husband will pay EMI as my salary is 40 thousand per month and I cannot afford it. Now my husband is asking to transfer the house completely to his name, but as I have contributed 1 crore, I am not agreeing for this. He is not paying EMI from 3 months, so this may end in auction of property from bank. Currently we jointly have given one house for lease for 50 lakhs for a relative in bond paper and other house I have given lease for 5 lakhs as he returned from India that time. If auction happens from bank, how these money will settled for tenants? And is there any other legal actions? I have other loans and I am re-paying these installments currently. I am worried, please advice
First of all, the bank is bound to clear the house and take possession before auction. This is the RBI process of auction.
Second, it is the bank's responsibility to give the cleared house to the buyer.
Ayantika Mondal @ Prime Legal
Responded 3 years ago
First of all if it's auctioned already, the bank is bound to clear the house and take possession before auction. This is the RBI process of auction.
The fundamental rationale to be followed: an independent third party's tenancy rights always prevail over other rights of the borrower or the secured creditor.
Ankur Goel @ Complete Law Shield
Responded 3 years ago
The respective shares of both of you will be distributed.
but only property dispute and not divorce ?
Hope this clarifies,
Advocate Ankur Goel
(Complete Law Shield)
Note - This is just a small advice and final advice can be given only after going through your case in detail .
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