Personal loan
satish
(Querist) 11 November 2010
This query is : Resolved
My self and my mother jointly hold a house i have taken a personal loan (not given any security for that loan)
my query is that is bank people can take a attchment through court agaisnst jointly holding property or not whether my portion or my mother portion.
This Joint property having home loan form another bank
Parthasarathi Loganathan
(Expert) 11 November 2010
No way your house will be attached to the personal loan as it is already mortgaged to some other bank. In any case, banks normally do not take any collateral security for personal loans. Don't worry but stick on to your repayment commitment to the bank where you have availed loans and never become a defaulter and probe legal resorts to evade recovery action.
adv. rajeev ( rajoo )
(Expert) 11 November 2010
When it is given as mortgage to another bank, the bank cannot attach the property
Devajyoti Barman
(Expert) 11 November 2010
Yes the bank can attach the property in the unsecured loan also if the bank succeeds in a suit for recovery of money and files a case of execution for recovery of the decreetal amount.
RAVI B SHAH
(Expert) 12 November 2010
I Agree with Burman Sir.
Parthasarathi Loganathan
(Expert) 12 November 2010
However, it has hardly yielded the desired results. In reality, before any order for attachment is obtained from the court the borrower smartly alienates the property and leave the bankers in dark. I have handled number of such cases.
Sri Vijayan.A
(Expert) 12 November 2010
For an unpaid loan, any of ur property movable or immovalbe including ur house can be attached.
But it has its own difficulty as Mr.Partha told.
If u r a salaried person, ur salary too can be attached, it is easy for the financier/ bank
