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Will permission of co owner be taken when bank is selling the property


29-Apr-2023 (In Banking / Finance Law)
Sir My brother and i have joint property which is mortage in a which mutual consent,2years back my brother account has been classified as npa now by ots scheme bank is doing settlemnet with him as he has taken loan, he is providing a buyer to bank of the property, can bank give the property without my consent to the buyer as this is not an auction its a settlement
Answers (3)

Answer #1
735 votes
Firstly you have to clear that whether you are also taken any loan or not and you also agree for mortgage the property to bank. Even then as you both are joint owners then bank have no right to sold the property without your permission.

Answer #2
835 votes
when the said property was mortgaged, the concerned bank was required to sign the mortgaged deed with you also as well as your brother as joint ownership in the property. case as stated you have not signed any such document. there is no meaning of oral consent. now bank can not sell the property without your undertaking for the same. joint property can not be mortgaged by single owner. if you are guarantor or you have signed any mortgaged deed your liability is fixed as your brother then bank can sell the property with due process of law only.
if you are aggrieved from any action which is not in your favour either with your brother or the bank you can consult me.
Answer #3
878 votes
If you are co owner of property then they will not repay amount from same without taking your consent. you need to produce documents in front of them that you are also co owner of same property and without your consent no one can recover any amount.

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