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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
Helpful?
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Adv. Pratap Kumar
Bangalore | 200+ Answers
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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.
Helpful?
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Adv. Ayantika Mondal
Bangalore | 400+ Answers
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