User asked:
Loan against property

If we have taken loan against propert and we are unable to repay it ...then our guarantor is libel to pay the remaining amount our they will just take our property and close the case



Answers


Sahil Nayyar answered

Sh. Himanshu ji, As per general practice of banks, first Bank will recover the loan amount from the property pledged/mortgaged of the loanee. If balance of loan still remains unpaid, In that eventuality, bank will start recovery proceedings from the Guarantor. Please see that Bank Cannot recover loan after expiry of 3 years period. Thanks.

3 years ago (06-January-2022 9:20:31 am)