avgjoe (na) 23 January 2015

Regarding property

My brother who's aged 32 has been missing since Aug 2014. We tried through all channels to find him but in vain. Still the pursue is on but there seems to be no

result. However he had taken a home loan for the property he bought in Bangalore. Now since september onwards, I have been putting the EMI amount to his

account so that the home loan is paid.

i have couple of questions here.

1). Does the bank accepting EMI allow to change the loan account in my name?

2) If they are not allowing, what is the best possible action that can be taken without affecting the EMI.

3) What happens to the property, since the owner is missing?

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7 Replies

Adv.Vandana Vaidya (Advocate & Regd. Patent Attorney) 23 January 2015

Missing person is considered alive and the period is 7 years. If in case your brother doesn’t return or does not contact you or your family for 7 years, then he would be considered dead. So changing of the loan account on your name is not possible immediately. However, you can inform the Bank about this status by submitting the FIR copy of the police complaint.

naveen arya (member) 24 January 2015

Agree with vandna mam. Pay EMI from your account instead of paying in cash. This is to prove that you are paying the EMI

avgjoe (na) 24 January 2015

Thanks for replying.

1). Will i get any Tax benefit if i pay the EMI for the home loan now(i.e. before 7 years).

2). Whats the legal procedure followed by banks in these scenarios?

avgjoe (na) 02 February 2015

Can anybody please help me with my questions?

T. Kalaiselvan, Advocate (Advocate) 02 February 2015

You are not entitled for tax benefits for paying loan repayment belonging to a third person. You are entitled for exemptions only for your loan repayments.