Home loan for site gone bad
santhosh kumar
(Querist) 01 February 2012
This query is : Resolved
hi,
I am an IT guy,want to know legal implications in this case
One of my family friend who is Land developer contacted me saying, he wanted a Loan from bank & I being IT person will get home loan easily...he assured that he will promptly pay home loan regularly by word of mouth.
Trusting him , as we knew him from so many years, i agreed,
Then they registered site in my name to get loan & Got a Loan of about 7 lakhs approved in Jan 2009
Now since that time they are not paying back the loan amount & have paid a meagre amount and current date Loan amount is still 7.5 lakhs including interest
i think manager is hand in glove because he didn't seem to enquire much
because he has done some 18-20 cases manager has approved & all accounts have problem
now builder/developer is still in good terms with me, he is asking to purchase the site which is worth around 5 Lakhs
but he is not ready to pay the remaining
2.5 Lakhs
My questions are....
1)So can i make any agreement for transfer of loan? if so what agreement would that be
2)what kind actions to make myself safe out of this mess!!
3)what kind of legal action can we take if he says its not his responsibility
ajay sethi
(Expert) 01 February 2012
since you have taken home loan of rs 7lakhs in your name you are liable to repay the loan with interest .
how did you pass on funds of rs 7 lakhs to your friend? was it by cash or cheque?
if your friend fails to repay the loan bank shall file recovery proceedings against you .
did you obtain any acknowledgement from your friend ?
Raj Kumar Makkad
(Expert) 01 February 2012
Why were you sleeping prior to your becoming agree to get availed home loan in your name? why didn't you thought its consequences at later stage?
You have been trapped. You should now own the property and should seek its possession and all copies of the title deed etc. and should retain this property with you. You should then start paying the installments in time. I think ultimately this property shall pay you dividents.
There is no other alternate as on date. forget who used the amount. If you retain property under your possession and keep on repaying loan amount, you shall become winner otherwise loser of whole game.
Shonee Kapoor
(Expert) 01 February 2012
Wake up and start paying up.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
