If you do not have any interest in the land then there is no need to worry. They will accordingly start the process and will dispose of the property to recover the said amount.

However if the property is of 50 Lakhs there is no point of letting it go for an amount of Rs. 15 Lakh. In my advise you should repay the loan and then subsequently sell the profit.

Regards

1. If you has signed in the loan agreement as guratntor then you are bound to ensure repayment of loan.

2.however beofre that you can ask the creditor the exhaust all his legal remedies from the debit.

3.If there is default of loan then the creditor will have ti first file a suit for recovery of money and if decree is passed in his favour then only in execution of decree the proeprty would be attached.

4. Before the passing of decree there is no chance of encumbering the proeprty.

5.So either repay the loan or wait til he files suit for money.

If you do not pay being the surety, they'll auction this property which has been hypothecated with them by your father. They'll adjust the sale proceeds realised, towards closure of the loan account

Hi

As a surety you are liable to pay the balance loan amount

And

As a legal heir u have legal right to get that property

Suggestions is to finish the loan amount and get the property and then sell it if u don't have requirement of this property

1)the liability of principal debtor is co extensive with that of guarantor

2)on your father demise you are liable to repay the bank loan

3) if you fail to pay bank will auction the property

4) since property is valued at Rs 50 lakhs better repay the loan

5) in auction you may not realise full value of property

best option is to repay the loan and then sell the property

See legally they are entitle to get their money back, but as you said that they have the land of which is of Rs. 50 Lacs they can recover their money by auctioning that land. By this if their amount is satisfied then you need not to worry for paying the loan but if not satisfied then you need to pay the balance amount.

Hello sir , you are not legally entitled to repay the loan .. In case of recovery they have a right to auction the land and to recover the amount.. If they again try to force you to repay the loan , it is illegal and you can file a police complaint

Actually if a property has been offered as collateral security then the financier may invoke the provisions of sarfes act for recovery of loan and the interest amount by taking physical possession of property after issuing notice and on expiration of notice mentioned period for repayment.

However if the financier considers that it would be a lengthy procedure and since there is a guarantor available then it may approach the guarantor for repayment, and since you being a government employee, it would be very easy for them to seek attachment of your salary through court of law.

Sry, the amoumt is 15lacs not 1.5lakh

Then you may request the financier to initiate action for recovery invoking the provisions of sarfesi act which will be safe to you.