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charu (engineer)     13 July 2013

Third party security

HI Experts,

my friend was taken loan from Nationalised Bank  in 2011 to showing  my Land guarntee (275 Sq Yards I given Third party Collateral security) now he was not paying last 2 months on wards .the  problem is here in that land already in dispute in Civil court in 2012 onwards (who was sold that  land  to me that person he was already sold 2 personas that same land) for this I have questions

1)If my friend is not paying Loan Amount Bank gives notice to Me(Because my Land is in security) I need to pay remaining amount or I will loose that land (But already that land is in disuptes) what I need to do ?

2)I given Security to my land I signed as Security person  in the bank now if I'm apply any Home Loans /Personal loans is it Impact in my CIBIL Scores to get Loans ?am I get any Loans or Not ?

3)If the Borrower is not paid loan amount Banks have rights only to take security of the land (but already that property in dispute in Civil Court) OR his personal attachment properties also ?

Thanks

char u



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