Loan Default
4 weeks ago
Can a bank ask us to vacate the house if the owner of the house is not paying the EMIs, from whom we have a lease agreement for 3 years?
A.Dear Client,
If a lessor defaults on their debt to the bank, the lessee may not be permitted to stay in the leased property, even if they have a lease agreement for a specific period. Upon receiving a court order, the bank can request the defaulter to vacate the building for auction to recover the unpaid debt.
If a lessor defaults on their debt to the bank, the lessee may not be permitted to stay in the leased property, even if they have a lease agreement for a specific period. Upon receiving a court order, the bank can request the defaulter to vacate the building for auction to recover the unpaid debt.
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A.Dear Client,
A lessee is not allowed/permitted to stay in a house or a building even if he entered into a lease agreement for a specific period, once the Lessor/Owner failed to repay his debt to the Bank. Bank on receipt of a Courts Order may ask the defaulter borrower to vacate the building to get it auctioned for recovery of debt lying unpaid against the Borrowerr/owner of the building.
A lessee is not allowed/permitted to stay in a house or a building even if he entered into a lease agreement for a specific period, once the Lessor/Owner failed to repay his debt to the Bank. Bank on receipt of a Courts Order may ask the defaulter borrower to vacate the building to get it auctioned for recovery of debt lying unpaid against the Borrowerr/owner of the building.
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