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Divorce Home loan related question
17-Dec-2023 (In Divorce Law)
I have applied for divorce.Myself and my husband purchased appartment.i am first owner he is second owner.
He is staying in tat home .Now he is not paying EMI.
I am not able to pay EMI.
I have mentioned that property in case.
What bank will do if I am defaulter for home loan?
Other than declaring property as NPA is there any other problem in that?
The borrower’s account is classified as a NPA if the repayment is overdue by 90 days. In such cases, the lender has to first issue a 60-day notice to the defaulter. Lenders have to follow the due process while initiating proceedings to recover their dues. In case of secured loans, the underlying mortgaged assets can be repossessed by the lenders under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests (Sarfaesi) Act. However, they cannot do so without giving you adequate notice.
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Adv. Raghuraman Balaji
Chennai | 500+ Answers
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