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Rahul (Self)     04 December 2010

Will I be a defaulter if ...

I am trying to shift my loan from one bank to Dena Bank. I was going through Dena Banks loan agreement when I noticed these two points.


1) shall not during the tenure of the agreement either part with possession of or create third party rights in the property (whether by way of license or tenancy or use as guest house) or alieanate it (whether by way of sale, exchange, lease, mortage)

I have already given the property on rent, so does this mean that when I sign Dena banks agreement, I would be a defaulter because I have broken rule no 1.


2) Shall not leave India for employment or bussiness without first fully repaying the Dena Niwas Loan then outstanding.


So if I leave India because of my job, I would be a defaulter.


Can I tell the dena manager to cancel these two clauses from the agreement booklet by striking them out and signing next to it. Does that work ??


Thanks in advance


 4 Replies

SALA SATEESH (lawyer)     04 December 2010

Dear Sir,

it  is not the default but mere breach of conditions which may result  either in termination of agreement leading to forfeiting the property for sale proceeds by mean of due procees of law.

In view of this, better to negotiate with them and accordinly sort it out.



Rahul (Self)     06 December 2010

Thanks Sateesh,  I will talk to the bank manager tomorrow.

If he says, we cant print a new booklet but I can strike out those two clauses and sign next to it.  Is that legally accepted in a court??

SALA SATEESH (lawyer)     06 December 2010

Dear Sir,


simply striking and signing against them will not suffice better to have a confirmation from the bank authorities affirming the same.


otherwise it become a counter offer which will not be treated to be acontract.




SACHIN AGARWAL (ADVOCATE)     10 December 2010

Normally the Bank is concerned with the timely repayment. However, you can seek permission from the Bank for letting the building, which is normally allowed.

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