REPAYMENT OF LOAN BY JOINT HOLDER OF PLOT LAND WITH ELDER BROTHER

4 years ago

Dear Sir,

I and my elder brother purchased a plot land by taking Joint Loan from Financial Institution in year 2017. Loan is debited from my account as EMI every month and elder brother sends his share by every month. But now my elder brother says that he will pay HALF OF PRINCIPAL AMOUNT left on LOAN which will be his share. And later on he will not pay interest part as he says he will pay his part of PRINCIPAL AMOUNT of LOAN. Now suggest what I will do? Do I have to pay his INTEREST PART as well or CAN I GO FOR ANY LEGAL ACTION AGAINST HIM TO PAY INTEREST PART ALSO.
What are my options in this case? LAND is REGISTERED in BOTH NAME.

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Kishan Dutt Kalaskar

Responded 4 years ago

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A.Dear Sir,
If land is registered in joint names then you are entitled for interest also and get issue a legal notice to him then he will come to terms.

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Abhimanyu Shandilya

Responded 4 years ago

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A.See regardless oh who stops paying and who is paying, if the bank is not getting its money back then both of you will loose the property as bank may take it back (it being a collateral security). Bank may not be interested in individual's payments but total payment. This arrangement is between you brothers.
So, in case he does not want to pay the interest then either you pay for him and recover it from him later or ask him to give little more portion in the property.

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Anonymous

Replied 4 years ago

Thanks for your reply sir.
As loan EMI is debited from my account only.
So if bank don't get their money. They will blacklist me from getting future loans. Am I correct? Or both me and my brother will be declared DEFAULTERS?
I don't know exactly but somewhere I read that if I am unable to pay EMI then same will be recovered from CO-APPLICANT, is it so? If so, then how it can be done.

Abhimanyu Shandilya

Replied 4 years ago

Both the applicants will be defaulter and if one does not pay the bank will try to recover from other.

Anonymous

Replied 4 years ago

Ok Sir. Thanks a lot.

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