Home loan from bank
Balkishan
(Querist) 29 January 2014
This query is : Resolved
Dear Friends
one of friend of mine have taken housing loan from a Co-Operative Bank, i am guarantor for his housing loan of Rs. 15lacs/-
today he become defaulter not paying his EMI on time, he is paying his EMI's but not ontime,
the bank sent me a letter for recovery,
i approached bank, then i got to know that he has borrowed more funds on the same property, he has taken the top up,
now he not able make the payments on time, and and defaults emi where i am surety i have paid from my pocket, for not to get any letter at my home.
i clearly stated to bank that i was guarantor for 15lacs for single loan if you have sanctioned him more loans how would i be responsible, bank says it is become group loan and we send letters to all guarantors and it our rule,
i do not know how to fight with bank, they are continuously calling and started sending letters at home and threatening to send letter to my employer as well, please suggest what and how can fight with bank.
SHIRISH PAWAR, 7738990900
(Expert) 29 January 2014
You are not liable for top up loan. You can file complaint in local police station for bank peoples harassment. It is better you engage an advocate.
Guest
(Expert) 29 January 2014
You need not play blind-folded on the calls or letters of the bank about your friends default. Being a guarantor and if the bank prefers to recover the amount from you as a guarantor, you have the right to have details of the loan and payment activities of your friend.
So, first of all,in reply to letter of the bank ask the bank in writing to give you copy of the agreement as well as statement of account with debit, credits and balances separately from the date of sanction of loans to your friend, so that you are able to know the actual picture of his loans vis-a-vis your guarantee.
After you get the details you should not lose time, contact some expert personally to get details examined to enable you start right course of action to avoid payment of heavy debt on behalf of your friend.
ajay sethi
(Expert) 29 January 2014
agree with dhingraji . ask for detailed statement of account from bank and copies of agreement signed by you and your friend
Devajyoti Barman
(Expert) 29 January 2014
Even if your friend has got top up loan, you are not liable for more than Rs.15 lakh.
Ask your friend to repay the loan else you are legally liable to repay the loan amounting to rs.15 lakh.
Brace yourself for hard times again.
Rajendra K Goyal
(Expert) 29 January 2014
You are guarantor for an amount of Rs. 15 lacs and liable for the liability outstanding on that amount.
If you pay the amount to the Bank you can recover it from the borrower.
Take steps as advised by the expert PS Dhingra ji and other experts.
R.V.RAO
(Expert) 08 March 2014
pl. obtain a copy of loan agreement where you signed as guarantor.there is no concept in the world called group loan.this is to hoodwink you threaten you and extract all his loans from you.
after getting loan agremnt copy where you signed,approach an advocate and and then send a lawyer reply.on your own never reply the bank.
