How to save my property against mortgage loan
2 years ago
My brother took business loan at 15% and we keep the home paper as guarantee. But due to Covid-19 impact we are unable to pay. We paid almost 40% of total amount. But due to 3 bounce emi they sent us a letter to lease our property and sell the same as per section 3. When I checked our property paper It is clearly mention that
1. We can't sell this property/donate/transfer to anyone. It is illegal as our property comes in slum area(Kachi basti).
2. We can take the loan from any bank incase to build the home but we didn't take the loan for this purpose.
Could you please guide us what we have to do?
Ankur Goel @ Complete Law Shield
Responded 2 years ago
your brother and you can still have cheating and fraud.
Sidhaarth
Responded 2 years ago
Ayantika Mondal @ Prime Legal
Responded 2 years ago
Your guarantee in this case is invalid while you definitely cannot lease your property since the agreement itself bars it.
If you find this answer helpful please rate my answer. Thank You.
Pursuant to your property papers, it is evident that you cannot lease your property since the agreement bars it. Also, in regard to the loan against your property, the agreement limits it only for construction purposes whereas you clearly did not take it for that purpose. Therefore, the guarantee is invalid in this situation.
If you find this answer helpful please rate my answer. Thank You.
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