HDFC Loan non Repayment

You pay instead of your father

First tell me what is the agreement between you and the party  who purchase the flat ?

I cannot pay the loan amount now as i am not earning that much.

 

And about the agreement between both the parties is that "they will pay the original loan only"

 

I just wanted to know the rules and the regulations according to the indian law or bankers law about this.

From your writings I could understand that you need some way out not to pay teh loan amount. There is no such provision. You will have to pay the loan amount. However, the Bank may grant rebate in interest amount.

Hi Guys,

Please sombody help me out with the rules of indian law about this......

Is there anything mentioned in the law that the son of the borrower have to pay the amount if the borrower is not able to pay the amout.

Seriously  I cannot pay the amount as my monthly salary is 6 thousand per month and the loan amount is so high.......

There are many finer points of law and practical solutions which are best discussed sitting face to face with a lawyer. Hence contact a good local lawyer and discuss with him.

You can not sold the flat without paying loan outstanding as original sale deed will be with bank, bank won't release untill outstanding is not clear.

You mentioned you have sold the flat means the new owner should have sale deed in his favour

yes the new owner is having the sale deed in his favour but and he is paying the oringinal bank loan also

but we sanctioned the another loan also for the renovationn of flat and that is still painding......so i need a way out here.........

 

What is the bank s formality when such a condition occures?????