MORTGAGE
MAHESH
(Querist) 09 August 2010
This query is : Resolved
A and B being husband and wife owned certain house property wich is their self acquired property and the same is opined by the Bank also (panel adv of bank) and during raising house loan, A and B impleaded C also as one of the co-applicants for the said home loan. Now A and B want to implead D also as one of the co-applicants for which C is not consenting. Only A and B moved application to Bank to implead/include D as one of co-applicants alongwith A,B and C (But without consent of C), the Bank rejected the request saying that they need the consent of C also. Is the act of bank is valid since the house property is solely/exclusively owned by A and B. D is ready to implead himself for the same.
s.subramanian
(Expert) 09 August 2010
bank is right. because if d is added now as a co-obligant,it would amount to novation of the contract/agreement/mortgage.the same has to be done with the consent of c,who is already a co-obligant. otherwise the suretyship or the guarantee or anyother contractual obligation of c will stand discharged under Sec.133 of the Indian Contract Act in view of the variance of the original contract of guarantee and suretyship with c and that too without his consent and knowledge..
Sachin Bhatia
(Expert) 09 August 2010
agree with Mr.S.subramanian
Chanchal Nag Chowdhury
(Expert) 09 August 2010
Sanctioning of loan is the discretion of the Bank & is not a matter of RIGHT of the applicant. Given the conduct of the applicants, the Bank is within its RIGHT in rejecting the loan & the same cannot be questioned.
