Legal Question in Banking Law in India
Dear Sir ,
My query is that i am Guarantor for one my friend personal loan of Rs-50000 .and i have also taken home loan from the same bank .know i have to pay my complete over due amount which is left with the bank and also need to close the loan taken fro house .but they said that they wont give my original documents till the time my friend pays the complete amount .as he being defaulter . please give me suggestion and the property belongs to me & wife.
1 Answer from Attorneys
03.03.2016
Dear Sir / Madam,
You should solely concentrate and focus on settling your home loan and safeguard your interests first, and only when you are through with full repayment and settlement of your home loan, thereafter assist in resolving your friend's personal loan. Yes, since you are the guarantor of your friend's personal loan, the Bank is legally right in retaining your original property documents till your friend's personal loan is repaid and settled from his / her assets.
Regards,
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