Legal Question in Banking Law in India
one has taken a loan for building a house from public sector bank on mortgage of the same plot. i stood guaranter for this loan being a govt. servant. now for the last one year he is not paying instalments. what is my liability if he refuses to pay further? kindly help.
Asked on 8/04/10, 12:25 am
2 Answers from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
yes, you would also be liable to pay the debt.
Answered on 8/04/10, 12:27 am
J. Radhakrishnan
independent Practice
The bank can sue you for the loan. Normally bank will take possession of the house mortgaged under SARFAESI Act and sell it and if the sale proceeds are not sufficient, they will sue you for the balance
Answered on 8/04/10, 11:38 am
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