Liability of a guarantor in home loan.

anckoora (Querist) 03 May 2013 This query is : Resolved
DEAR EXPERTS

NOW-A-DAYS, LENDERS OF HOME LOAN (BANKS, GRUH FINANCE ETC) ASK FOR ONE OR TWO GUARANTOR.

PL. LET ME KNOW IN DETAILS, HOW MUCH A GUARANTOR IS RESPONSIBLE IN CASE A BORROWER BECOMES A DEFAULTER.

(1) IN CASE OF A DEFAULT, WHAT ACTION LENDERS WILL TAKE AGAINST THE DEFAULTER ?
PL. ELABORATE STEP-BY STEP,

WHEN A GUARANTOR WILL COME IN PICTURE ( AFTER WHICH STEP) ?

PL. GUIDE ME IN DETAIL

THANKS IN ADVANCE

ANCKOORA

Follow Query

Report Abuse

Guest (Expert) 03 May 2013
A guarantor is fully responsible to get the loan dues repaid or pay themselves in the case of default by the borrower.

R.K Nanda (Expert) 03 May 2013
agree with dhingraji.

Raj Kumar Makkad (Expert) 03 May 2013
Bank shall issue notice to both loanee as well as guarantor at the same time demanding to clear its dues so the guarantor shall be got involved at the very first step and this 'friendship of duo' shall continue till the banker or mortgagee do recover its dues either from former or latter or both.

Nadeem Qureshi (Expert) 04 May 2013
nothing left to add

Vijyant Nigam (09807349001) (Expert) 04 May 2013
when borrower becomes defaulter, teh bank will declare his acount as Non Performing Asset.

after the said declaration, the guarantors shall be on the same position as borrower and their legal position will be of defaulters of the bank.

bank will take steps for recovery from all the persons viz. guarantors as well as borrowers, simultaneously.

all are liable to pay the dues of the bank.

legal remedies available to guarantors are same as to the borrower.

Vijyant Nigam (09807349001) (Expert) 04 May 2013
if lender demand superfluous amount imposing high rate of interest or unnecessary demands then the guarantors have legal remedy to challenge the same before the competent courts, as the case may be.

main competent courts are:

1. Debt Recovery Tribunal
2. Debt Recovery Appellate Tribunal
3. Civil Court
4. High Court

Sudhir Kumar, Advocate (Expert) 04 May 2013
guarantor is as good as loanee

ajay sethi (Expert) 04 May 2013
agree with experts

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries