I am surety to my friend for a home loan and he is not paying EMIs
04-Sep-2023 (In Banking / Finance Law)
I am guarantee to my friend for two home loan, Now he is not paying his emi regularly. He is earning well 50k p. M. In spite of taking strong action against him, Bank person coming to my house and harrashing me. This has damaged my CIBIL badly soI am not able to get loan for my need. Suggest what to do.
This is the biggest mistake you have ever done. Law is very clear as to if the borrower does not pay the lender can recover money from the guarantor. So either you pay the loan amount and get things settle with the Bank and then independently recover money from your friend and if does not pay then take legal action against him or else you ask your friend to repay pain amount
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