Legal Question in Banking Law in India

Personal loan legal procedures

I have taken personal loan 2 years back. I paid 14 emis on time regularly but due to recession I was terminated from job. Since last 18 months I am job less and failed to repay the loan emi of last 13 months.

At time of taking loan I was staying in rented house as I do not have own house. After losing job I changed location to another place.

Now the bank recovery agents are coming to that place and asking my past landlord to pay off the loan or they will sell the property. The loan outstanding is 1.50 lacs.

Please advice. If I am insolvent what all bank can do against me and how should I defend myself. Is there any wayout. Please help.


Asked on 8/14/10, 11:51 pm

2 Answers from Attorneys
Vishwa Arya Arya & Co.

Bank or its recovery agents have no lien on the property of the landlord unless landlord stood guarantee for you. Bank can attach only your assets and not your landlord.

You at the most may reorganise your account

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Answered on 8/15/10, 12:49 am
Devansh Bhardwaj Devansh Bhardwaj

How can Bank or its agent press upon your land lord? they can only claim upon your assets. Try to settle the accounts with your banker after having talks with them an come out of the problem

FOR FURTHER DISCUSSIONS IF ANY YOU CAN CONTACT ON 9415109404 OR ON [email protected]

DEVANSH BHARDWAJ

ADVOCATE

LUCKNOW

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Answered on 8/15/10, 6:42 am


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