mortgage of property for business loan against

jyotsna (Querist) 15 December 2017 This query is : Resolved
Sir,
We bought a home during 2008 and my husband mortgage other house and took business loan against that house. The other house is in my name to take business loan bank signed an agreement that my husband who has taken loan against property will pay the instalment s. Now my husband is trying to sale out that flat he stopped deposited instalment, bank approached me to deposit instalment, one of the employee of bank is my husband known , I asked bank that in that case , please advise my husband, they said we will sale out the flat, I told the bank that without informing me without notice how can you do this and , secondly, bank informed me that in case my husband deposited all the instalment, the property will ho in his name.
I disagreed with the bank staff that I am helping my husband and if he pays all the instalment it does not mean the property will go in his name.
Please give your expert advise.

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Guest (Expert) 15 December 2017
Discuss with a local advocate and serve a legal notice to the bank in detail accordingly.

Guest (Expert) 15 December 2017
Any how if there is any default in loan repayment bank could bring it to public auction.

Guest (Expert) 15 December 2017
Discuss with your advocate

kavksatyanarayana (Expert) 15 December 2017
If you pay the loan in instalments without interruption the property will remain in your name. If you do not follow the terms and conditions mentioned in the loan agreement, the bank authorities have right to bring the property in Public Auction. Before public auction, generally it will be informed to you by notice giving some time. otherwise it will go to public auction.