Legal Question in Banking Law in India

Re: Hosuing loan EMI

1)If u don't pay the EMIs., the bank will present post dated cheques, if any, you have given to them on their due dates and if they bounce, the bank will prosecute you in Criminal court and you are also liable to be imprisoned if you don't pay. They may wait for one or two months for you to pay up. If you don't pay, apart from the above possibility, the bank will take possession of your house and sell it in public auction. If they don't realise the entire dues by the above proceedings, they will sue you and your father in the civil court or DRT depending upon the balance due. If your father has any immovable property that also will be attached. Try to get some employment and reason out with the bank to wait for more time, by making as much payments as you can. No other remedy is possible.

Re: Hosuing loan EMI

1. The may make wait for bouncing of one or two cheques given by you towards EMI.

2. They may file both the cases - civil and criminal - simultaneously;

3. They may seek attachment of your assets for sale by the court; and/or may seek your 'civil imprisonment' after obtaining court decree.

4. A decree may also be obtained against your father and same consequences may follow if he is also the J.D. (Judgement Debtor - against whom court passes decree).

The situation is not healthy for you and your family; you should rather try to settle the matter at the earliest.

Re: Hosuing loan EMI

There no fixed time limit normally the bank can give you 3 months to pay the dues after that they can harras you in both civil and criminal way. They can took the property into auction.

Re: Hosuing loan EMI

1) Ordinarily, the action can come after one default or 5 or 6 defaults. This technically depends on the policy of the bank.

2)Civil case and criminal for cheque bounce if any.

3)Ordinarily while taking loan you would have also signed mortgage documents for the said property. In that case they may repossess your property.

4)Yes, bank can file a recovery case against your father.

Re: Hosuing loan EMI

1) depends on the bank.

2) yes

3)depends on court order

4)possible