Legal Question in Banking Law in India
Sir I have my brother has taken loan of Rs.800000 lakhs from private bank which he is not paying instalments for four months the due instalments is pending so the bankers are forcing at home for my father and mother to clear today itself but I am requesting them to give me one more month time to clear the instalments but they are telling that they will keep this property for sale the property worth is 1 crore what I must do, whether they have right to keep my property for sale
Asked on 8/30/15, 8:10 pm
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
31.08.2015
Dear Sir / Madam,
Yes. If the property is mortgaged to the Bank as security, the Bank has the legal right to auction the property in the event of default in repayment and settlement of the loan.
Regards,
Answered on 8/31/15, 4:21 am
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