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vijaya m   22 October 2024

Loan on property issue

Hello,

 

My Father's brother took loan against my father's land by mentioning my father as borrower 13. My father is innocent and psychologically weak who doesn't have any knowledge about the loans and properties.

 

Now the loan amount is around 9 lakhs including interest. My father's brother has recently died and recently bank officers came to my house and gave due date to pay.

 

If we won't by that time, they said that they will ceize the property.

 

If we are asking my uncle's sons to pay. They are denying and doing drama. We are not sure how to go legally. 

Kindly provide your valuable suggestions on this.



Learning

 3 Replies

T. Kalaiselvan, Advocate (Advocate)     22 October 2024

The bank cannot grant loan without the signature of the borrower.

Therefore the bank cannot hold your father as borrower if he has not signed the loan documents.

If your father was a guarantor and had given his property as collateral security and in the default of loan repayment by the borrower then the guarantor can be held liable for the repayment of the loan with interest.

You ascertain the facts and plan further course of legal action by consulting a local lawyer.

sanjeev murthy desai (Advocate)     22 October 2024

whether loan is prior to 2005?

Dr. J C Vashista (Advocate )     23 October 2024

The bank had secured their amount of loan by mortgaging the property, wherein your father had offered his land for advancing loan to your uncle (since deceased). Accordingly LRs of your uncle can be impleaded in his place.

However, your father is equally liable for repayment of amount due, even if he was not principal borrower but a guarantor.

 


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