Legal Question in Real Estate Law in India

Home Loan

We had taken home loan in 05, the bank had sanctioned 30lacs but they dibursed only 28lacs,as this was takeover of the mortgage loan of the seller the payment was directly made to sellers bank, as per bank instructions and sanction letter we had paid all the pre- emi's.the remaining amount of 2lacs has not been disbursed yet.all the agreements of the seller and new agreement betweem me and seller is with my bank.the flat has not been transfered in my name as the remaining payment has not been paid to the seller, the possession of the flat is with the seller.now my loan account has been transfered to a restructure loan agency,now they are asking me to pay the loan which they say is of 38lacs with all interest and penalties.now what action can this bank take against me as this property has not been transfered in my name in the society share certificate.no objection certificate was not issued by the society neither they know about this deal. so what can the bank do to the property which is not in my name and possession.


Asked on 7/15/09, 4:48 am

3 Answers from Attorneys
Shrichand Nahar S.V.Nahar, Advocate

Re: Home Loan

There appears to be mortgage in favour of the Bank by deposit of title deeds.

Bank will seize the property under Securitization Act and auction it for recovery. If proceeds are not sufficient to discharge the outstanding, bank will take other legal recourse against the borrower and guarantors.

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Answered on 7/15/09, 5:24 am
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

Re: Home Loan

it is a fit case for approaching the consumer court against the bank. they can not make such defaults in loan amount and non payment of 2 lacs is misappropriation of your money. consult a lawyer.

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Answered on 7/15/09, 5:45 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Home Loan

The Bank may appropriate legal action for recovery of the loan amount;

legal action may include :

a) filing a suit for obtaining a money decree

if decree is passed by court, the bank may file execution to recover the money by :

attachment of your assets; and by your arrest and detention.

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Answered on 7/15/09, 11:09 am


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