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sheila (nil)     09 April 2015

My father in-law took a loan in my name for a machine

Hi, i need an information regarding this case. My father in-law has taken a loan in my name for a machine in his factory. The loan amount is 10 lakhs and my father in law is the guarenter for the loan which he has taken in my name.He has taken the loan in my name as i am a woman and i will have less interest against loan taken, he told me that he will be paying the loan amount.He has given his house documents to the bank. Its been a year since me and my husband are staying separate from my in-laws due to family issues. Now my query is that what will happen when the loan wont be paid? will i be harrassed since its in my name? If so then whats the solution for this? Note that the factory is in my father in laws name, even the house is in his name. He is the guarenter of my loan. Help of some agents were taken while taking the loan in my name, and it was said that i am starting a new business in my father in laws land which i have taken as a rent from him, and due to that i am purchasing this machinery for which i am taking the loan. I do not own any factory, my father in law's factory was shown as my rented factory in which the machine was going to be placed.



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 6 Replies

Kappil Cchandna (Expert Bail & Criminal Defence Lawyer at Delhi Supreme Court of India)     09 April 2015

Mam, Don't worry .... Because he has given his own papers .... For being on a precautionary side you can move an application before the court .... Warm Regards Kapil Chandna Adv 9899011450

Kappil Cchandna (Expert Bail & Criminal Defence Lawyer at Delhi Supreme Court of India)     09 April 2015

Before the bank I mean ....

sheila (nil)     09 April 2015

Thankyou Mr Kapil. I have another question since the loan was taken in my name so will my personal assests like my own house , my bank fixed deposits and accounts will be in trouble? Can the loan providing bank take my assests as payment for the loan?

SAINATH DEVALLA (LEGAL CONSULTANT)     10 April 2015

What is the status of the loan now? This fear should have been there at the time of signing the documents. Don't get panicked, U say UR father in law is  the guarantor and he has shown his property as collateral security. 

sheila (nil)     11 April 2015

Hello Sainath,

During the time of signing the document i did not know that me and husband will go and live separately form them due to family issues. I did not want to sign the documents at the 1st time but he is my father in law and i was staying with them, due to obligations i signed it. Now am staying separatly form them and i am worried as i am not paying the loan money though the loan is in my name. I am worried if my father in law doesnt pay it it might come all over me as the loan is taken in my name. But as you all are saying since the property has been put as a collateral security to the loan so i should not get worried. Any other tips?

SAINATH DEVALLA (LEGAL CONSULTANT)     11 April 2015

I feel U are uneccessarily assuming things beyond propositions. I also think U have just moved out only physically but not severed ties with UR father in law.UR husband must be having cordial relations with his father,when he is not worried why are u bothering about future complications. 


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