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need advice- property issue bank loan auction and sharing
06-Feb-2025 (In Property Law)
myself and my wife, both are coborrowers and coowners fo the property. nobody is paying emi so bank taken symbolic possession. is it possible for one of the coborrowers to buy out ? so need to know how it works ? for example , if banks sells and myself buys the property for 1 cr and bank loan is 25 lacs . so is it that i need to pay wife 37.5 lacs and then to pay 62.5 lacs to buy the property ? pls guide .
That is not the way auction happens .. The Bank will calculate and announce a reserve price and auction will commence from that value and bids may go up. Participants will Lace to deposit 10% of reserve price to participate in auction. There is no provision to pay to co-borrower..
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Adv. S.K Prabhakar Shetty
Bangalore / Bengaluru | 1000+ Answers
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