Divya (nil) 02 December 2011

Attachment of property

The property has been purchased using a home loan taken from bank "A"....So property is mortaged till home loan is repaid.

One of the co-owners has a credit card liability from bank "x"............so bank wants to attach property............

Is this permissible according to Civil Procedure Code???? Can be attachment from one bank where the property is mortgaged with another bank

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4 Replies

Advocate Vishnu (Advocate) 02 December 2011

Dear Divvya,

Attachment to the extent of the said co-owner's share in the property is legally permissable.

Adv.Vandana Vaidya (Advocate & Regd. Patent Attorney) 03 December 2011

. Well, bank cannot really attach such a property, but definitely can have a charge over it. This is when the mortgaged property is sold due to non-payment of the loan, the residual amount will be diverted towards the credit card payment.

This is a standard procedure and allowed under our laws.

Adv.Vandana Vaidya

pervez (adviser) 03 December 2011

After passing of final judegement and order and issuance of decree for the money, the part of the property can be attached but again sale will be very difficult... The bank can give option to other owner for purchase of the share under attached and sale [ to the extent of value of the portion ].......... as co-owner, advise him to have OTS [One time settlement]... the bank also might understanding the difficulty in enforcing ... so OTS will be easier .....