Legal Question in Banking Law in India
I am guarantor for a bank loan to mortgage my entire property. Loone have ability to pay the debt amount. But bank give notice to me for vacant the mortgage property. please help me
Asked on 6/30/16, 5:34 am
2 Answers from Attorneys
Dr Katta Venkata Rama Krishna
Drkattavrk
U hv to pay and then recover from the default borrower.
Answered on 6/30/16, 7:33 am
Fca Prashant Chavan
Expert Edge LLP
30.06.2016
Dear Sir / Madam,
The guarantor is called on to repay the loan only when the original borrower(s) has been declared insolvent vide a court order.
Regards,
Answered on 6/30/16, 10:47 am
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