I will be honest that what I want to do and how can I come out from that situation.I am 25 years old and m staying in New Delhi from last 20 yrs .So far I am surviving here as a Tennant with my family.Now I am planning to take a Personal Loan from 3 banks of Rs 10 lac each (i.e. total 30 lacs ) afterthat I will buy a house under my parents name on Power Of Attorney. As of right now , I do not have any money to repay this loan so I need 4-5 years to gather the money and after 4-5 years I will pay off my loan. 1) can I go jail for this or can the banks take over my house where power of attorney is under my parents name for that house. 2) if the banks will file law suits against me so what actions can they take against me ? 3) Can they take my whole salary ? My Ph# [deleted] Email # [deleted]
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1) Bank disbursement of your personal loan bank checks CIBIL records of yours than they proceed.
Their criteria is to check repay capacity of person along with interest.
Is it foung to happen that at a time 3 banks are disburse loan in your account?
You have taken personal loan and purchased property and now the same property you have transferred on your parents name via PoA .
So bank's don't have any rights in the property.
you have to pay the loan amount
you can talk to the manager of the BANKS and adjust the EMI so that you can pay
if not possible. let them go to the court
request the judge and get the order and pay the loan at your convenient mode.
Dear Concerned.
Technically what you plan to do is cheating - However you may choose to contact in person to know in execution details for this - Briefly - if you plan it well you may be successful in what you intend to do.
Best of Luck
1. When the banks advance loan they do it on an equitable mortgage through deposit of title deed of the property, meaning thereby a charge is created on the property in favour of the bank. If the borrower fails to repay the loan then banks can take recourse to SARFAESI Act and auction the property after taking its possession to recover the loan. Bank does not have to file any lawsuit against the borrower to take the possession of the property or to auction it.
2. A suit for recovery of money can also be filed by the bank against the mortgagor i,e person who has taken the loan.
You should not take personal loan as rate of interest are higher
2) you should take housing loan for purchase of property
3) it attracts lower interest rate
4) if you take personal loan and fail to pay banks woukd sue you to recover money with interest
5) also file cheque bouncing cases against you
6) you can be sentenced up to 2 years imprisonment
7) it would affect your credit history
8) property standing in parent name would not be attached
1. If PoA purchase not valid first of all.
Secondly if the transaction of purchase are established bank can take over property though less chances.
You won't go to jail but everything on your name shall be attached.
Also can go to jail if some false document or cheating for taking loan is done.
2. Attachment of all your property and accounts .
3.they can take most of your salary.
So better then doing this take a housing loan there are schemes where you pay later.
Sir,
Surely the soirce from which house is bought will be seen.
Both sarfeasi and criminal remedy may be adopted by bank.
hello
you can take a loan on the basis of the property of your parents and they will be liable in case you fail to repay the loan amount. they can file a case against you under the SARFAESI act and proceed to auction your house. they will sell it to the highest bidder.
regards
Dear client
You may take a personal loan withdraw cash and buy the house in your parents name in cash only. Donot show any bank transaction of buying that property from your account in anyones name else it would be attached. If youvdefault in paying the loan your salary account can also be charged. So be very careful and get expert advice before getting into such a transaction.
Adv vikas
DC
Action will start once you stop paying EMI. Your account will be declared NPA after you stop paying EMI's. No, you cannot go to jail in such case but in case you abscond the civil court can pass an order to arrest you.
Answer to all your queries is Yes.
Dear sir,
Most of the young people living in the imaginary world. it is not known why you are inviting problems when you are peacefully living now. It will be a headache for your parents to. The bank people will sell the property and ask the court to put you behind the bar.
Power of attorney is not a title document hence if the property is on your name then they may proceed legally.
The bank may attach your property and also your salary to some extent.
1. No bank will give you loan without seeing your credential and CIBIL score, also against one property you can take loan from one bank only, as the bank will take the original documents.
2. They can attach and sell your property
3. Salary can not be attached.
I would advise you to take loan once you have the capacity to pay back, there is no reason for inviting legal troubles for yourself.
Regards
