Legal Question in Credit and Debt Law in India

I took Loan against Property from SBI 4 year back and paid till date all emi. now I am not able to pay EMI since lasy 6 month. Bank Manager is sayng fo law suit. Wanted to confim if he file law suit then Can I sell my property to repay the money once there is court case


Asked on 6/10/13, 11:04 pm

1 Answer from Attorneys
Jayesh Desai Jayesh Desai

No. When you borrowed against property, you must have created a charge or mortgage on property - hence you cannot sell before or after filing of suit - without consent of the Bank.

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Answered on 9/04/13, 5:11 am


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