Legal Question in Banking Law in India
Hi,
My father had taken a loan from an Indian bank to start a new business. Our house was added as a gurantee. Unfortunately our business has gone bad and now we are not in a position to return bank's loan. Bank has gone to court and seized our business property. However they have not been able to sell it to recover loan amount.
Question:
1) Can the bank use court to seize our house too? The house is on a loan from a different bank.
2) If answer to question 1 is yes then is there any way to save our house? Can my father gift the house to my wife?
1 Answer from Attorneys
The house can be attached and sold subject to the charge of a different Bank, if the Bank is not able to realise its dues from the sale of the business property mortgaged to them. Only way to save the house is to pay off, after seeking time
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