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Q. DEBT

i am sanjay
my father had a personal loan from a bank of 50000 rs. he died five years back.
i am unemployed and my mother is handicap blind. we have very low anual income. we can hardly sustain our bread.
after death of father his land which has low value. transfered to us. from last five years bank was asking from garenter. now he also died.
bank has sent notice on my name. saying- come to meet us in bank or we will auction the land.

i have questions.
1. can bank auction land transferred to another person, in case i transfer it to some one else?
2. can bank exempt loan amount due to low income and poor family condition after fathers death?
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A. As for question 1

Yes the bank can auction the property if the same was given as collateral against the private loan taken by your father who is no more. If the property was not given as security or collateral then the bank has no rights.

As for question 2

Yes. [The bank has the rights to waive off your loan]. However no bank would actually do that so they might allow you to repay the loan amount in very small installments taking into consideration your financial status. OR ELSE, they might settle the whole claim at a certain percentage payment. Say for example settle it at 20% IE. Rs. 10,000/-

Thanks

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Shreyash Mohta

Experience: 1 Year(s)

Responded 2 months ago

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A. I suggest you to sale the land to someone else and in the meantime approach the bak for one-time settlement, maybe they, waive off the interest and other charges

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Suneel Moudgil

Experience: 15 Year(s)

Responded 2 months ago

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A. Nothing to. Pay, u r not liable to pay. Don't worry.

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Munish kumar Goyal

Experience: 6 Year(s)

Responded 2 months ago

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A. It will be dependent upon circumstanceal procedure not sure

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Rameshwar Dadhe

Experience: 2 Year(s)

Responded 2 months ago

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A. Did your father give this land as a collateral security to the bank? If yes then you have no choice and the bank will auction it. If not then just relax bank will not be able to do anything howsoever noise they make. You ensure not to sign any document for this loan otherwise you will fall in trouble.

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Abhimanyu Shandilya

Experience: 14 Year(s)

Responded 2 months ago

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A. Dear Sir,
It is very hard for them to recover if you transfer the property to you.

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