Legal Question in Banking Law in India

i am nri with work visa in u.s.

bought a home in india 2 yr ago thru a mnc bank home loan.

i paid emi for 5 mnths only.

bcoz by this time my g.p,a realised that we r victims of fraud and forgery

.the previous owners of property had colluded to cheat us.

they had managed to produce fake death certificate of one more title holder who now is staking her claim on the property.

.i have (thru my g.p,a) registered a criminal case against the offenders and charge sheets have been filed against them

i have kept the bankers well informed through out thelosses i have suffered..

the bank kept on sending demand and possession notice. i was fed up and told them to make good of their dues by way of auctioning the security,

now the bankers r unable to auction the litigated property.they have only taken symbolic possesion of the vacant house.

they r threatening to write to embassy and get attachment on my salary.

my question is

1. will the bank b able do anything at this stage which can harm my career prospects in u.s

2. what is the best way out of this

3. will i continue to be liable for the interest on the final dues mentioned in the possession notice.


Asked on 10/15/10, 11:53 am

2 Answers from Attorneys
Vishwa Arya Arya & Co.

here one fact is relevant. Whether the bank had given the home loan at the time of purchase of property or after the purchase of property.

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Answered on 10/15/10, 3:23 pm
J. Radhakrishnan independent Practice

the bank cannot attach your salary. They cannot mar your prospect. No use in Bank's appeal to embassy. At the same time explain to the Bank your predicament and offer to settle the loan with a concessional rate of interest and sans charges. Merely because you were a victim of fraud, you cannot excuse your self from repaying the loan to the Bank.

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Answered on 10/18/10, 1:53 am


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