What earlier bank can do if the instalments are not paid
06-Mar-2023 (In Recovery Law)
We are having a home loan of which primary borrower is my brother & I am secondary co-borrower. We are the co-owners of the property. In current situation my elder brother in not able to pay home loan & I m paying the same. But now I am thinking to purchase new home with another home loan. And I m not able to repay the earlier home loan. I am salaried person. In this case, what earlier bank can do if the instalments are not paid. How it will impact me. Please suggest.
If you are not able to pay the instalments for the loan taken then the bank has the power to repossession of property that you had given as security and auction it to recover its dues.
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