Senth recovery
11 months ago
My father is garranter in bank loan of my relative
My relative are not willing to pay the loan
The property modgaised in bank is of government lease
I want to know can bank give loan on leased propert
And what can I do to save my self
Thankyou
A.Dear Client,
Until and unless a NOC is issued by the Lessor of the leasehold property, Bank cannot sanction a loan against the mortgage of said leasehold property of the Guarantor. So failure to repay the loan on the part of Loanee, the Guarantor is responsible/liable to repay the loan as per terms of the loan agreement Bank may recover the loan by applying the Securitization of Interest (SARFAESI) Act, 2002, AND recover the outstanding loan through the auction of said leasehold property in which Lessor got the first charge and Bank thereafter.
Better negotiate the matter with the Bank opting One-time Settlement Scheme or otherwise to save your father's property.
Until and unless a NOC is issued by the Lessor of the leasehold property, Bank cannot sanction a loan against the mortgage of said leasehold property of the Guarantor. So failure to repay the loan on the part of Loanee, the Guarantor is responsible/liable to repay the loan as per terms of the loan agreement Bank may recover the loan by applying the Securitization of Interest (SARFAESI) Act, 2002, AND recover the outstanding loan through the auction of said leasehold property in which Lessor got the first charge and Bank thereafter.
Better negotiate the matter with the Bank opting One-time Settlement Scheme or otherwise to save your father's property.
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A.Dear Sir,
First ask your father to get back his guarantee-ship and ask the Bankers to get another guarantor from the principal borrower. Normally, loans are not sanctioned on the leased properties.
First ask your father to get back his guarantee-ship and ask the Bankers to get another guarantor from the principal borrower. Normally, loans are not sanctioned on the leased properties.
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