90,000+ Legal Questions Answered
bank loans-borrowing money
1 year ago
Hi there, I submit my land document to the bank for borrowing money, for the few months I can't pay the due, so the bank decide to prepare for auction and they informed. Is there any law says that the owner can spilt the property and sell the property for the equivalent money which I borrowed from the bank? so that we can get return of the property back?
A.Dear Sir,
That option is not available because it seems you have mortgaged the entire property and at the most request the bankers to auction the property and bring prospective buyers by yourself.
That option is not available because it seems you have mortgaged the entire property and at the most request the bankers to auction the property and bring prospective buyers by yourself.
Helpful
Helpful
Share
A.Dear Client,
you can arrange your private resources and inform the bank that you have arranged money and is ready to clear the loan. meanwhile, you can sell the property and ask the party to pay the money and then after paying the loan you can get the documents and move on with the registration process.
you can arrange your private resources and inform the bank that you have arranged money and is ready to clear the loan. meanwhile, you can sell the property and ask the party to pay the money and then after paying the loan you can get the documents and move on with the registration process.
Helpful
Helpful
Share
Read Related Answers
Emi not paid for last 2 month for credit card and loan
Dear Client,
In the given situation, filing a complaint against the recovery agents at the local Police Station endorsing a copy of said complaint to the concerned Lender, a complaint against the lo...
Under the Provincial Insolvency Act 1920
Dear Client,
Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file a petition for bankruptcy if you are unable to repay a debt greater than ₹500. After anal...
Repayment of loans and credit cards
Dear Client,
Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing wheth...
Multiple unsecured loan defaults
Dear Client,
Once a borrower fails to repay his debt, the Lenders/FIs initiate a routine course of action for recovery of the loan/debt from the borrower following the provision under the SARFAESI Ac...
Unfreeze
Dear Client,
Once a cybercrime scam or fraudulent transaction is reported online to the National Cyber Crime Reporting Portal(NCCRP), on the instruction of the Cyber Crime Cell, the investigating tea...
Read Blogs on Bankruptcy and Debt
Bankruptcy and Debt Lawyers
Find Lawyers by Location
