Manjesh Poojary (Service) 09 August 2011
Hi,
Property in my father name and it was purchased by my father. On that property myself and father has taken house loan and we are joint borrowers. Now legal issues came and my father planning to transfer house to my sister. As property titles are in bank now and loan is outstanding. Please advise how I can get property in my name or anyother option is there for me to recover loan amount whichever I paid for loan ?
AAK (Advocate) 09 August 2011
Firstly, the loan obtained is jointly, hence you both are jiontly and severally liable to repay the amount. Till the amount is paid the bank will not give NOC to transfer it in any other name. However if the bank desires to give NOC, then also its right will be continued with the property till recovery. Secondly, u cannot recover the whatever amount you have paid to the bank as it was loan amount and you were the borrower. Thirdly, if you stop paying the remaining installment the bank will recover it by attaching and selling the said property. Lastly, as it seems the said property is the self acquired property of your father, only he can transfer the said property to you, if you want get the property in your name(again NOC from bank required).
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