Can bank sell ancestral property against which father took loan
04-Aug-2023 (In Banking / Finance Law)
My age 21,I have some ancestors property ,my father took 25 lakhs loan[bank] ,I don't wanted sell that,does bank seize my home ,how can I say my home?
Hi
I assume your father is alive, if u r father has taken a loan for 25 lacs he has to pay it if there is a property which is mortgaged, they can sell it if the loans are not repaid or if there is a guarantor they can proceed to recover the loan amount from him. However, in the event if u r father has taken the loan and passed away, you will be brought on record as Legal representative and you will have to repay the loan. Reg.ancestral property, unless the existing property is not enough they will try to sell other properties. Unless bank knows the details of the property they cannot sell the property.
Pratap, Adv
I assume your father is alive, if u r father has taken a loan for 25 lacs he has to pay it if there is a property which is mortgaged, they can sell it if the loans are not repaid or if there is a guarantor they can proceed to recover the loan amount from him. However, in the event if u r father has taken the loan and passed away, you will be brought on record as Legal representative and you will have to repay the loan. Reg.ancestral property, unless the existing property is not enough they will try to sell other properties. Unless bank knows the details of the property they cannot sell the property.
Pratap, Adv
can one person take out a loan on a jointly owned property in india?
Can I buy property from my father
Can I get a home loan if the house is not in my name
can i take loan on my father property
Home loan on my name and registration in parents name
can i take a home loan if the owner of the land is only my wife?
Yes the bank can do so under SARFAESI Act, however you can put up a very good defence, based on the evidence, various compliances are there for the bank to follow if they fail on the same we can get a stay and seek an alternate remedy.
Should you require further consultation, please feel free to give a call.
Should you require further consultation, please feel free to give a call.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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