Banking law
2 years ago
I have taken a loan for my business by mortgaging my one of the property and i have paid few installments as well. Now due to severe loss in the business due to lockdowns, i find it difficult to pay back the loan. Kindly advice what are the actions bank can take against me. Can they just overtake the mortgage property and sell it or they can attach another property in my name by taking the court orders. Further i am a pensioner and filing an ITR on basis of pension. Can bank has any legal rights to divert my pension amount for recovery of loan.
Ankur Goel @ Complete Law Shield
Responded 2 years ago
No right of anybody on pension.
bank can attach other properties if available but they can recover their money from mortgage property auction.
The bank has no right over your income in the form of pension. They can only attract properties which were mortgaged.
If you found my answer helpful then kindly rate me.
Ayantika Mondal @ Prime Legal
Responded 2 years ago
They can only overtake the mortgaged properties and not your pension income. The bank has no legal right to divert my pension amount for recovery of loan.
If you found my answer helpful then kindly rate me.
Except your pension they can attach all other properties.
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