Defaulter in home loan
Ankarsh Rattan
(Querist) 18 July 2015
This query is : Resolved
My fried (A) had taken home loan of Rs 9.50 Lac from OBC bank. The plot is on the name of my friend(A) and his brother(B). Loan is on the name of A, but guarantor is B. tenure of loan is 20 year and 3 years are passed away. Now A is not able to pay the loan. He want to ask the bank that i am not able to pay the rest loan instalment. Is there any liability on guarantor (B) or bank will take possession under SARFAESI Act 2002. How much time to take the bank for this cause. If property is of Rs 40 Lac, then what will the bank do ?
M/s. Y-not legal services
(Expert) 18 July 2015
better consult your local advoacte and try to make it amicably.
dont delay this issue. take necessary actions before the bank initiated the legal proceedings.
M/s. Y-not legal services
Kumar Doab
(Expert) 19 July 2015
The plot is registered in the names of A &B and both are liable to pay in the capacity of borrower and guarantor.
Find some buyer and enter into an arranged and agreed upon situation where loan is paid and thereafter plot is sold.
Seek help from your able lawyer.
Rajendra K Goyal
(Expert) 19 July 2015
If B is guarantor, he is liable to pay the loan if defaulted by B.
Bank procedure of auction is time and cost consuming and till then loan would mount due to interest and expenses.
If A has no means, he should search for a buyer and try to sell the house, arrange in such manner that the proceed is used to close the loan account. Discuss the procedure with the buyer and the Bank.
