Agreement between me and my brother
vickey
(Querist) 11 March 2015
This query is : Resolved
Hello sir myself vickey from hyderabad. i have a flat in hyderabad, my brother asking my flat for his financial problems to put my flat as security in the bank. For my security purpose i like to know what type of legal agreement is required. If please show me a sample copy.
ajay sethi
(Expert) 11 March 2015
once you give your flat as security for loan taken by your brother in the event your brother defaults in repayment of loan flat would be sold to recover the loan
Rajendra K Goyal
(Expert) 11 March 2015
If the loan payment is defaulted, either you have to pay the loan or flat would be sold to recover the outstanding loan.
dr g balakrishnan
(Expert) 11 March 2015
see dear friend, if you give then better forget your flat as it would be just painful to recover - neither a lender nor a borrower be for it would lose both itself and friend or the relation (friend) and the money. so you are a better judge.
what agreement can help sir.. big nothing !
Kumar Doab
(Expert) 11 March 2015
The valuers of the bank may not write market value.
Ensure that you have proper market value.
There are certain real estate specialist that specialize in buying mortgaged property and in case of default you would need buyers or the bank shall auction/e-auction to recover the debt.
Why don't you rather lend some money to your real brother and help him to establish his business so that he earns.
You can also keep partnership and keep the business in profits.
Dr J C Vashista
(Expert) 12 March 2015
I agree with the experts advise.
However, to add to it the bank would ask for collateral security from the borrower, since your brother is not the titleholder of the flat, the bank shall refuse to accept it as security.
Once accepted, you shall equally be liable to refund the borrowed amount with interest thereon (as agreed). Reconsider your decision and consult a local lawyer by paying few thousands of rupees as professional fees.
SAINATH DEVALLA
(Expert) 12 March 2015
If have confidence in UR brother,don't bother about future.If UR brother clears the liability on his own, its ok, otherwise U have to face legal complications.As it is UR family matter better judge it for yourself.
T. Kalaiselvan, Advocate
(Expert) 13 March 2015
Any agreement entered in this regard with your brother will not be able to avoid litigation that may arise in this regard in future when there is a default in repayment of loan by your brother hence think wisely and take decision accordingly.
