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[02/04, 2:18 am] Aarindham Ghossh: [31/03, 8:24 am] Aarindham Ghossh
02-Apr-2025 (In Family Law)
: Need ur advice
One bhk flat which was under loan .
Where the main applicant was my mother n co applicant was my brother.
Now my brother expired.
He is the one who pays the emi.
After his death cannot pay emi,as mother was housewife plus senior citizen.
The property papers r in joint Name of brother n mother.
Now we want to give to bank for auction as unable to pay emi.
Cannot sale b
Auction Process – If you wish to surrender the property for auction, you must formally inform the bank. They will assess the property’s value and initiate an auction process. Any amount recovered will be adjusted against the loan, and if any balance remains, the bank may ask for settlement.
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Adv. Vaibhavi Muthinty
Dombivli | 100+ Answers
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Since the loan was in joint names, the mother is liable, but as a senior citizen, she can request the bank to auction under SARFAESI Act. She may also negotiate settlement, transfer the loan, or sell with bank approval.
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Adv. Mrunmayi Kotawadekar
Mumbai | 100+ Answers
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