Request for advise.

Sunil Kumar (Querist) 27 April 2018 This query is : Resolved
Sir,
I want to ask something.
It is intimated that my friend wanted to purchase a home and he taken home loan from bank. He want to register his home with Tehsil office and he has called for evidence at the time of registration. Sir, I want to ask if he do not pay bank loan, then all the financial responsibility lies on me or not because I am as evidence of registration of home. what was the effect on me.

Please. advise me.

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Kishor Mehta (Expert) 27 April 2018
If you have stood guarantee, with the Bank, for your friend for the amount of loan, then you are liable for the amount if your friend fails to pay. However if you are only a witness to the registration of the property you are not obliged to pay the loan amount to the Bank.

BAALASUBRAMANNYAMM (Expert) 27 April 2018
Here you have to observe two things. One is "Guarantor" and another one is "Witness". So who are you in this transaction. But any how Mr. Kishore Mehta has clarified you as above.

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