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Bank not closing Property loan
1 year ago
My mother had taken home loan from a bank and in this loan my brother and his wife are borrower and I and my big brother are guaranter. My brother and his wife also take personal loan from the same bank who are borrower in property loan so now we had prepayed all the property loan but my brother and his wife's loan are declared as NPA so now bank is forcing us to pay the personal loan and when we denied they refuse to close property loan and they are not giving documents like NOC, Registry papers etc.
Please suggest me what i can do to close my mother's property loan without paying the brother's personal loan and i have many times ask to manager but he is not helping me.
A.Dear client,
You have told that you are the surety (guarantor) to your brother's personal loan. A surety is an entity or an individual who assumes the duty of paying the debt in the event that a debtor fails or is not able to make the payments. The party which guarantees the debt is called a surety, or the guarantor.
A surety is an entity or an individual who assumes the duty of paying the debt in the event that a debtor fails or is not able to make the payments. The party which guarantees the debt is called a surety, or the guarantor. So, you being the guarantor, is liable for any performance risk shown by a principal (your brother).
You have to pay their personal loan if you want them to clear your home loan documents.
You have told that you are the surety (guarantor) to your brother's personal loan. A surety is an entity or an individual who assumes the duty of paying the debt in the event that a debtor fails or is not able to make the payments. The party which guarantees the debt is called a surety, or the guarantor.
A surety is an entity or an individual who assumes the duty of paying the debt in the event that a debtor fails or is not able to make the payments. The party which guarantees the debt is called a surety, or the guarantor. So, you being the guarantor, is liable for any performance risk shown by a principal (your brother).
You have to pay their personal loan if you want them to clear your home loan documents.
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A.Dear Sir,
You may get issue a legal notice and approach Civil Court or file a complaint before Banking Ombudsman.
You may get issue a legal notice and approach Civil Court or file a complaint before Banking Ombudsman.
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