Legal Question in Banking Law in India

ACTUALLY A PARTY bought MY BANK MORTGAGED PROPERTY BY TAKING HIS OWN RESPONSIBILITY TO CLEAR BANK LOAN AND WE BOTH WRITTEN A UNDERSTANDING AGREEMENT ON BEHALF THAT. NOW HE IS NOT PAYING THE LOAN AMOUNT. NOW HOW CAN I PROCEED AGAINST HIM. THIS MATTER IS NOT CAME TO KNOW TO BANK PEOPLE.

Is there any chance to him or bank to take legal steps on me.

or just bank will go to place property action.

Please Suggest me.

thanking you.


Asked on 3/31/13, 5:45 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

31.03.2013

Dear Sir / Madam,

(Adavdevulapalli, Nalgonda, Andhra Pradesh)

Such an understanding is not permissible without the bank's authorization. As the owner of the property, you alone as the owner are liable to settle the loan taken by you by mortgaging the property with the bank.

Regards,

FCA Prashant Chavan

Mumbai

(You can also mail me for any further on-line advice at [email protected])

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Answered on 3/31/13, 6:04 am


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