Nataraj (Service) 29 October 2009
Sir, one of our ex-employee's Son took Housing Loan from our Bank making his Father (ex-employee) as Co-borrower. Now the housing loan account became NPA. Father (ex-employee) is having an SB A/c in which Bank is crediting his pension. Now, the question is whether the Bank can attach and deduct the amount from the SB A/c of Father (ex-employee) (the amount being pension proceeds) as he is a Co-borrower in the Housing Loan account ?
Waiting for experts opinion..............
Nataraj
N.K.Assumi (Advocate) 29 October 2009
This was discussed in length in the past. Refer the provisio to section 60 of the CPC.
Raj Kumar Makkad (Adv P & H High Court Chandigarh) 02 November 2009
deduction cannot be more than 1/3 of the pension and bank has got right to do so.
Nataraj (Service) 02 November 2009
Shri Raj Kumarji,
Tell me under which provision 1/3rd pension is attachable ? Because Sec.60 (1) (g) provides
which are exempt from attachment.
So whether Stipends falls under the category of pension ? if stipend is treated to be pension, then it is not attachable.
Please clarify the legal position.
Sudhir Kumar, Advocate (Advocate) 06 May 2012
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