Double Mortgaged property seize and sell by home loan bank

Builder sold mortgaged property to buyer. Buyer has home loan from another bank.when buyer came to know about builder already mortgaged that property,demanded home loan bank to file case 420 against builder.home loan bank filed private complaint against builder but no use.buyer stopped paying emi so home loan bank sent notice to buyer either pay loan else they will seize or sell property. Can home loan bank do the same in this case ?

Answers (1)

99 votes

Hi, as per your query the builder has cheated the buyer and in the due process the bank which has lent loan to the buyer has also got duped. Hence a criminal case will have to be filed against the builder both the buyer and the bank. Now as the property is already mortgaged to someone else there is not way that the buyer can register the property and since the loan amount has been disbursed to the builder let the bank confiscate the amount from the Builder or seize the property through the court order.

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