Have a joint property one of the owners took loan and not repaid

507 votes

with reference to your question, We have property in our village and there are 8 houses in it. Property is in name of 3 persons means a joint ownership one from our family and two from other. 30 yrs years back one of the owner took loan from the bank of 1.5 lakh and all three gave sign and he got the loan. He never paid the loan and now it has surged to 13 lakhs. He is not in a condition to pay loan and bank is threatening to all the people who have 8 houses that they will bring police and move us out of our houses. What shall we do?


You need to check what was the condition of the loan allocated to you ll. Whether your property was the surety to the said loan. Police cannot remove you only via court order then the police has the powers to remove you ll and size the property.

LawRato LawRato

592 votes

If i am not wrong all those who gave sign are the sureties. And my understanding is that the spouses might have not given the signatures to the same. What all can do is obtain a stay on the process or next best thing is to buy shares of the person in the property who has taken the loan anf hrlp him to psy off the loan.

Advocate Parimal Redkar LawRato