Legal Question in Banking Law in India
Dear sir,
I m a loan guranteer for my elder brother, he is not paying back the loan amount. We havr mortgaged join property for the loan, can bank recover the loan amount from other ancestral property?
Plz guide
Asked on 6/12/15, 8:33 pm
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
13.06.2015
Dear Sir / Madam,
Yes, if the joint property is mortgaged to the Bank, in the event of a default in repayment of the loan, the Bank can recover the loan amount by auctioning the mortgaged joint ancestral property.
Regards,
Answered on 6/13/15, 3:49 am
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