Took loan from financiers. Now they are pressurizing to sell house.


My husband raising a finance from local financers on heavy interest rate from 2 & 1/2 year he pay the interest at time but from august 2014 we cant able to submit the interest thats why financers giving him a pressure to sold out the house where we live. I am having a only son age 9 years we dont have any other property & other to live how could I save my home from the financers legally. we should pay our dues by installments or by renting instead of sale of our house. please help me. Thanks

Answers (3)


173 votes

Do you have any loan documents? If yes what is the condition mentioned in the loan documents?

If one of the condition stated there is that you agree to pay the loan amount by sale of house , then you have no option.

However incase of absence  of this   or absence of loan document you can save your house and financer has no right to recover the money by sale of your house.  Incase he intents to recover the money he will be required to file a civil suit.

Please provide complete facts asked aforesaid, so that we can provide exact legal solution.

116 votes

Do you have any loan documents? If yes what is the condition mentioned in the loan documents?
If one of the condition stated there is that you agree to pay the loan amount by sale of house , then you have no option.
However incase of absence of this or absence of loan document you can save your house and financer has no right to recover the money by sale of your house. Incase he intents to recover the money he will be required to file a civil suit
Please provide complete facts asked aforesaid, so that we can provide exact legal solution


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56 votes

If your home is financed by the bank they can take the possession of the home and auction the same.you can. Only convince the manager to give you time to repay the emi,else you will have to sell the home.

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