How to save my property against mortgage loan 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?

Abhimanyu Shandilya

Responded 2 years ago

View All Answers
A.Since you have this clause the bank will find it difficult to auction and sell. Also in case of any action by bank you can file a case in DRT against the Bank.
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Ankur Goel @ Complete Law Shield

Responded 2 years ago

A.interesting that bank not seen that clause.
your brother and you can still have cheating and fraud.
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Sidhaarth

Responded 2 years ago

A.Whether loan was taken from Bank or NBFC or private funder? Who had taken loan? Whether loan was jointly taken? There is proper process to acquire the property. The stated act is illegal. Details are required to be examined to suggest remedy.
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Ayantika Mondal @ Prime Legal

Responded 2 years ago

A.Hi,
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.
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Anik

Responded 2 years ago

View All Answers
A.Hi,
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.
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Read Related Answers

question iconLender is not available for my payment
Dear client, contact the lender through any contact information or if there is office of their. And also report the same to cibil
question iconLOAN SETTLEMENT AND ADVICE
Dear Client, A borrower is held liable personally for his or her debt for non-payment of the outstanding amount of the loan. Once the repayment of the loan stops or bounces for consecutive 3 installm...
question icontitle of a flat
Dear client, yes one can get the title from the auctioner by way of sale certificate by purchasing the flat in the auction.
question iconAbout cheating of money transfer
Dear Sir, It is better to settle the matter with the Management otherwise if Police complaint is given your friend may be put into jail and charge sheet will be filed and case will be run for 4-5 year...
question iconovercharging of rate of interest
Dear Client, In the prevailing situation, serving a legal notice to the concerned Bank, make a private complaint against the Bank to a Court of Magistrate under Sec.200 of Cr. PC. that outlines the pr...