education loan recovery
shijina shanavas
(Querist) 28 September 2015
This query is : Resolved
sir, i am taking an education loan on 2007 and my course complete on 2011 am a b.tech graduate..but i have not receive any jobs so am not able to pay my loan. i didnot pay any intrest . 1 week before i have a call from bank and they said that of am not pay the amount my fathers or husbands property was recoverd from bank. i take loan jointley my father and me because am minor in the time of taking loan. and we submit photocopy of property certificates. but 2 year befor my father sold that property. my husbands have some property and i married on2013 if my husband property is recoverd?
Sudhir Kumar, Advocate
(Expert) 28 September 2015
Bank hs to sue you aand durign the case the loan amount will keep swellin.
Now a day many fraud institutions get B Tech degrees adn after coming out the students find themselves not worth a clerks job (TRUE SOME B TECH HAVE STARTED JOINING AS PEON/CLERK) but it is not the fault of the Bank. You must refund the money.
You and your father got the loan by showing credit worthiness by showing property papers without letting the bank to know that you will sell the property and still not refund the loan. If bank goes harsh then criminal case can be against both of you.
SO better refund the loan.
Sudhir Kumar, Advocate
(Expert) 28 September 2015
repeated
http://www.lawyersclubindia.com/experts/education-loan-recovery-562686.asp#.VgiCr26N5v4
shijina shanavas
(Querist) 28 September 2015
sir, have any chance of recover my husbands property. any rights on that?
Anirudh
(Expert) 28 September 2015
When you took the loan, your husband was not at all in the picture. Therefore, the bank cannot try to recover from the property of your husband.
K.S.Srinivas
(Expert) 28 September 2015
Yes. I agree with the expert Anirudh.
Rajendra K Goyal
(Expert) 28 September 2015
1. Bank is not concerned with your job, it has given loan for your studies and it is your liability to pay back.
2. Bank can recover from the sold property if it was mortgaged with it. The purchaser / Bank can lodge FIR against your father who intentionally sold mortgaged property without paying the loan.
3. Loan can not be recovered from your husband or his property.
4. Loan can be recovered from any other property / asset in the name of your father.
5. You can approach Bank for rebate in interest etc. by one time settlement.
6. You and your father are jointly and individually liable to pay back the loan.
Guest
(Expert) 28 September 2015
Better Sort it Out amicably and go for One time Settlement Reducing the Maximum Interest.Legally the Banks Can Not Link the Loan to your Husband's Property But the Collection Agents are Capable of Doing All Such Things.Handle them Properly With Legal Guidance.
Sudhir Kumar, Advocate
(Expert) 28 September 2015
some experts expressed views that the loan cannot be recovered from husband's property. I am not able to 100% agree or disagree. Please give more facts on involvement of husband.
P. Venu
(Expert) 28 September 2015
What is the amount of the loan sanctioned.
T. Kalaiselvan, Advocate
(Expert) 03 October 2015
If the husband was not a guarantor for the loan, his property cannot be attached for recovery of loan.
