Legal Question in Banking Law in India

kindly tell me about legal methods of bank(hdfc),if im not pay any kind of EMI of my car. is that true that bank have full wrights to sold our household things...actually 4yrs back we buy a car through hdfc bank and due to some personal reason we r unable to pay EMI, so that we gave that car to our colleague without any legal formalities and that person enjoy 4yrs without pay any EMI and now after 4yr recovery persons comes in our home for settlement but we dont have enough money to pay 3lac .they said if we r not pay then they have full wrights to sold out our household things.....so kindly reply me the legal method of bank ,what they can do exactly


Asked on 3/15/13, 10:16 pm

4 Answers from Attorneys

file civil suit

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Answered on 3/16/13, 6:19 am
Jayesh Desai Jayesh Desai

They can only take possession of the car, not your household things. For anything other then car, they need orders from court.

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Answered on 3/18/13, 11:58 pm
Rajiv Chandhok Ph: +919810050896 https://www.linkedin.com/in/rajiv-chandok-0827b733/

Please pay up or half your life would remain attending court cases.. Your name will be listed in CIBIL and then you will never get any loan..To know us better, please click on the links below:

http://www.linkedin.com/pub/rajiv-chandhok/33/7b7/82

http://www.lawguru.com/answers/atty_profile/view_attorney_profile/username#more_info

JSR/30313

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Answered on 3/30/13, 2:42 am


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