das gani (Software engineer) 16 May 2013

Property registration against loan

Hello Sir /Madam,

We are family of four( father, Mother ,brother and myself) ,My father without our knowledge took loan of 10 lakhs from his friend by keeping our house original documents and did some registration like the said amount will be paid in 6 months time with interest itseems. House is on my fathers name. I have 3 questions here. kindly answer them please.

1. If not paid on time, can they claim our home?

2. In order to claim the property , the other 3 members of family need to agree and sign on the legal documents?

3. Can we request some extra time to repay the loan amount?

We all are really tensed. Kindly suggest us at your earliest.

Thanks and Regards,

Das.

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2 Replies

MohammedRaffiq Bijapur (Advocate) 16 May 2013

Yes surely u can request the pricipal to provide some more time to repay the loan amount.

At the same time if the property is ancestral property u can claim ur share irrespective of document executed by ur father.

All depends on facts and circumstances.

das gani (Software engineer) 16 May 2013

Thank you very much for your response sir.

Its not ancestral property. It is acquired by my father alone. Kindly let us know In case if the loan amount is not paid on time, can the lender claim the property without our concern ?