LawRato

What are my legal options in Bank loan repayment


26-Jun-2023 (In Recovery Law)
My mother in law had factory on her name..few years back she took some loan from d bank...nd now she is not able to pay dat loan....nd we r ready to give d flat against which d loan was taken...bt d loan amount is much higher den d flat value...so she is planning to sell d factory as gift deed to me i.e his daughter in law so dat bank cannot take dat factory for bank repayment...so I wanted to ask ...can bank take factory which is now mine as gift for loan repayment....what else we can do to prevent d same...or we should go for sell deed...instead of gift deed....??kisdly reply soon...
Answers (3)

Answer #1
962 votes
Dear Client, If the factory is mortgaged with bank then nothing can be don't to save it, max to max u can delay the possession. If factory is not mortgaged then their are fair chances to save it, but will have to refer your documents to give a clear picture. You can consult out office for further discussion on this. Expert Jurist LLP
Helpful? LawRato15+ LawRato
Advocate JV Bhosale

Adv. JV Bhosale

LawRato Mumbai | 400+ Answers
Chat with Advocate JV Bhosale Chat 
Answer #2
602 votes
Hi In this case you have to approach debt recovery Tribunal as soon as possible. Wherein you can challenge the sake of the said flat and if the bank can still proceed to take the possession of the factory
Helpful? LawRato22+ LawRato
Advocate Rohit Shaligram

Adv. Rohit Shaligram

LawRatoPune | 5+ Answers
Chat with Advocate Rohit Shaligram Chat 
Answer #3
780 votes
Kindly let me know if her loan account has turn NPA (Non- Performing Asset) or has she received any notice from Bank for taking physical possession of the said factory ?. If she does a gift deed to you then for that stamp duty needs to be paid which will cost you some amount. Even if it is gifted or sold to you bank will have a charge over the said mortgage factory, but it will be a bit difficult for them to take over such mortgage which will only help to delay the legal proceedings. Kindly book a consultancy call and provide me with more details for further clarification and more specific advice.
Helpful? LawRato21+ LawRato

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.

Report abuse?

Connect with top Recovery lawyers for your specific legal issue
Connect with a Lawyer
Comments by Users

No Comments! Be the first one to comment.

"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."

All Answers

Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

LawRato