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Rights as a Guarantor for a Home Loan


01-Dec-2023 (In Recovery Law)
Hi there , i would like to know if a Guarantor is safeguarded in any way in a Home loan default case . I am a guarantor for my brothers home loan who hasnt been paying the emis from the past 3 years . In this 3 years i have paid more than 4 lakhs towards his emis and have also paid the house maintenance and other bills . I want to save up for my future but all my savings are being poured in paying his emis . The bank calls me after 2 - 3 months and asks me to pay up as he has defaulted or to face legal actions . The bank said that they will send legal notice to my work place along with publishing it in papers . I asked the bank to transfer the house in my name and the loan but it denied . Also since my credit score has been affected coz of this no other bank is willing to take a transferred loan . I can sell the house but it will take 6 or more months till i find a buyer and i still have to pay more pending emis . Is there a way around it .Thanks and Regards.
Answers (2)

Answer #1
697 votes
the bank cannot transfer the property in your name. selling of the house is one of the best options, but even then you will get a buyer only when you are clear off all your liabilities in the property. what is the period left for the payment of the EMI.
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Answer #2
618 votes
Hi. Sorry to hear about your issue. This seems like a financing, fraud, property division issue and claiming of rights. We can help u with this by way of legal notice or filing criminal or civil case. We can discuss over a call at time convenient
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