harassedbylaws (india) 12 March 2010
I have a homeloan and repaid half of the amount so far , what will happen if I couldnt afford to repay the remaining amount
1) Does the bank take over/cease the home
2) Does the bank has the right to cease/sell other properties( like land..) that are on my name instead of taking over the home ?
3) Does the bank sell my property and take their share and give the remaining amount to me ?
Suchitra. S (Advocate) 12 March 2010
You have given us options to choose...I would take the last option told by you.. :) fun apart, it is the procedure adopted by Banks to sell the home and take their share and return your money if it is in excess.
Gundlapallis (Advocate) 12 March 2010
And in continuation to Ms. Suchitra's... if proceeds from the home is not sufficient to cover the liability they can proceed against your other properties but in manner prescribed for realisation of unsecured loans, for the deficiet amount.
Gundlapallis (Advocate) 12 March 2010
"Harrased by laws?" still how many fancy ideas you have like the one you discussed above to get Harrased by laws???
Gundlapallis (Advocate) 12 March 2010
....... to get further harrased by laws???
harassedbylaws (india) 13 March 2010
Respected Lawyers and other advisors,
I am very serious about what I am asking. You might have realized that how I am unaware of laws.
Looking for your "legal" inputs.
Suchitra. S (Advocate) 13 March 2010
Sir, we have given you the proper reply only. The bank will sell the house and realise the amount due from you. It will give you money if it exceeds the loan amount. And in case the loan cannot be realised by selling your house, then bank will seel your other proerty too, for that purpose.
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