Legal Question in Banking Law in India

House Loan Clarification1

Thanks to all for giving suggtions

I took the house loan from the bank it's around 21lacks when i was taken the house loan that time real estate market was good, if i didn't pay the money to bank. Bank will call the public action to the house during the time, if the house will not goes to 21lacks in public action. How the bank will recollect rest of the amout from my side. i don't have any financial support. Please let me know


Asked on 11/29/08, 4:52 am

5 Answers from Attorneys
J. Radhakrishnan independent Practice

Re: House Loan Clarification1

For the amount that is deficient to satisfy the loan even after sale of the property, the Bank will file a Petition before the DRT if the balance is more than Rs.10 Lakhs or will file a civil suit if it is less than Rs.10 lakhs and obtain a decree and proceed to attach any other properties you may own or come to own. If you don't have any assets worth anything and there is no possibility of your coming into ownership of any asset of some value, the Bank will simply write off the debt and leave you in peace.

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Answered on 11/30/08, 7:24 am
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: House Loan Clarification1

They may collect the same from the Gurantors or from your pvt property by court orders.

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Answered on 11/29/08, 8:24 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: House Loan Clarification1

The Bank may be entitled to recover the remaining amount from you; and if you fail to repay the amount, the bank may

(a) seek your 'civil imprisonment' under CPC to recover the decretal amount; and/or

(b) seek attachment/sale of any other imovable/movable asset you may have;

(c) seek a declaration of insolvency against you;

Even with the slow-down of housing market, you may still be able to sell the property for at least the loan amount;

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Answered on 11/29/08, 8:59 am
Nasir Butt Nasir Law Associates

Re: House Loan Clarification1

Reply of Mr. Sudershan Goel is exactly right.

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Answered on 11/29/08, 9:19 am
Homi Maratha N.N. Maratha & Co.-Advocates

Re: House Loan Clarification1

They may collect the same from the guarantors or can cease your private immovable properties.

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Answered on 12/20/08, 6:33 am


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