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House with home loan sold to me how can i save my house and money
18-Apr-2023 (In Property Law)
I bought property in 2010 i pay all money with checks last month i find out that property has a housing loan and seller is not paying it, so private bank is trying to take possession of my purchase property. On land record there is no mortgage of bank, also on all records its showing on my name. Now how should i stop bank taking my property.
In the given situation, according to you there was a loan on the property which was bought by you. The Limitation Act says that the limitation period for mortgage shortfalls is twelve years for capital owed, and six years for the interest part of the shortfall. Now as the bank is having better rights on the property than you, thus you can just ask for premptive rights over this property, and if Court thinks fit, can give you premptive rights in limited time, wherein if you clear their account and get absolute right. Also, you can register a FIR against the seller under section 420 of IPC for cheating you and selling you the mortgaged property.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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If you are a bonafide purchaser then you can take advantage of that and still bank want to take possession then you can file a civil suit against bank and take order form court that bank has no right in your property.
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You have to file criminal and civil procedure against the seller of property for save your money and property and you have to file civil suite against bank and seller to protect your property. The fault is not your side. The seller is whole responsible for it.
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