Legal Question in Credit and Debt Law in India
I am a joint applicant for a home loan with my husband, however have been living sperately for 2 years. My husband has defaulted and paid the loan emi's timely, he as also sold the property to someone who has not taken a transfer of the home loan yet. The bank has now sent a notice to me and my husband, what should be my course of action..
4 Answers from Attorneys
02.02.2012
Dear Madam,
(Chakala MIDC / Mahakali Caves, Andheri (East), Mumbai)
If your husband has sold the property, it is his responsibility to pay off and settle the bank home loan out of the sale proceeds. Without the bank's consent and approval and the loan requirement of the buyer, the home loan is not transferable to the buyer. It is also possible that the buyer never required any bank loan for purchase of the flat and the buyer may have had his own resources to pay you off. You also need to ascertain whether the purchaser of the property has already paid the entire consideration for the flat as per the Agreement for Sale to your husband, and whether the Stamp Duty and registration of the Agreement for Sale has already been completed by the buyer. Go by documentary evidence.
Regards,
FCA Prashant Chavan
Mumbai
(You can also mail me for any further on-line advice at [email protected])
Firstly joint property cannot be sold by one party only. If it is done so, then the sale is not proper. You can seek for setting aside the sale.
You are equally liable to repay the same.
You can inform Bank about your separation, but that will not absolve you from your liability.
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