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vishesh kumar (private)     11 October 2010

JOINT HOUSING LOAN

Please intimate what is the legal position on the aforesaid matter. 1. A property (house) is in joint name (two brothers) and took joint housing loan. Thereafter, a written partition was made on the property (house). 1st applicant is agreed to pay the loan 1/2 of the instalment. Whereas the 2nd applicant is not paying the loan. The bank tried to deduct whole amount from the 1st applicant only. Please advice, what action may be taken by the 1st applicant to secure his portion in the house. The bank told that they will attach whole property.



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 2 Replies

V. VASUDEVAN (LEGAL COUNSEL)     11 October 2010

The Bank is right. The partition made subsequent to availing the loan will not bind the bank. You will have to pay up the EMIs promptly or close the loan and file a separate proceedings against the brother for any remedy.

vasudevan

adv. rajeev ( rajoo ) (practicing advocate)     11 October 2010

definately bank will attach the property.  Convince the brother or else issue notice to the bank to  initiate the recovery proceedings against the brother  who is defaulter.  It is the duty of the brother to inform regarding the partition.  But loan is taken on entire propertyy so it is better to convince the brother and get rid of it.

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