Settle sbi bank loan in proportionality basis
Thirumurugan
(Querist) 07 August 2014
This query is : Resolved
Dear Lawyers,
My father is owner of property. We are 5 siblings. Land partition done in year 1991. But not yet registered. So, in year 2007, father got loan in SBI for 6 lacs by mortgaging land documents.Father expired 2013. So, everyone's property is there in bank in different percentage.
Example :
___________________________________________
Siblings |%of land in SBI| % of loan amount
_________|_______________|_________________
A's % | 30% |- 30%
B's % | 35% - | 35%
D's % | 35% - |35%
Here, who will pay the loan amount to SBI? This is a big question.
So, is there any way to file a case to all of us by my mother that everyone should pay this much % of loan amount based on % of land in SBI?
Or
Is it possible that anyone of among us file a case on other siblings to pay the loan amount?
Or
If I inform to bank Manager with this proportionality idea, will he accept and proceed further according to that?
I am thinking how to resolve this.
Kindly reply valuable suggestions.
Thanks.
Thiru.
Sudhir Kumar, Advocate
(Expert) 08 August 2014
Your father mortgaged the common property. He did it apparently fraudulently or with others consent, this information is kept Secret.
It is your father who took loan. WHether for himself or for common cause you are keeping it Secret.
Now you do not want to pay loan singularly.
You either pay it singularly and convince others to pay collectively or let the bank sue you all for seeking custody of property.
Isaac Gabriel
(Expert) 08 August 2014
If at all you desire to retain the property with you,settle the loan by deliberating each other,else the banker is at liberty to realise and set off
malipeddi jaggarao
(Expert) 08 August 2014
Partition deed is not registered and subsequently your father who is the owner of the property mortgaged it to a Bank and obtained loan and he expired.
The best course is to pay-off the loan together and get back the document. Make a partition deed as originally agreed upon and register it.
If this is not possible, Bank will go for sale of the property. The percentages quoted by you in the property is no way relevant to the Bank.
Do not drag your mother to file cases against her own children. You may be greedy, but for her it is painful.
Why to file case against your own siblings?
Can't you people sit together and resolve the issue?
ajay sethi
(Expert) 08 August 2014
all legal heirs should come together pay off the loan to bank . if you fail to repay bank will auction the property .
Rajendra K Goyal
(Expert) 08 August 2014
Try to have an amicable solution. Litigation would be a very costly and time consuming affair. Meanwhile the loan amount would shoot up to double triple due to application of interest and Bank may initiate recovery proceedings by auctioning the property.
P. Venu
(Expert) 10 August 2014
Why to go to court when the family members themselves can an should resolve the issue, if at all there is any?
T. Kalaiselvan, Advocate
(Expert) 10 August 2014
Well advised by experts, better all of you arrive at a decision jointly to repay the loan amount accordingly or else you all may stand losing the property.
Thirumurugan
(Querist) 13 August 2014
Dear Lawyers,
Thank you for your replies.
