Default my housing loan EMI
If I default my emi whther the bank will take posession or the ED (may be after 2 or 3 months). whether I will be jailed or wht kind of harrassement I will face from bank when my proprty consfiscted by ED
continuation of the below question.
Sir, I've purchsed property (resale appartment 16 yrs old) on 02/02/2012 for 43,000,00.80% (35,000,00) I have got hoam loan and remaining 20% and registiration chages I managed by pledging gold and saving . and the remaining transactions to owner (7,000,00) are made via DD and cheaque and 1 lac by cash.All the legal documents are verified by bank lawyer as well as our family lawyer everthing was perfect and the owner has purchased the propert via cash and DD from his previous owner. last week i got summon by directorate of encforcement to appear on 02/04/14.and the officer explained me about the transaction how my previous owner used to purchase the property and the case is in CBI before my purchase (09/11/2011) my previous owner had mentioned to the directorate of encforcement that using that fraudalent money (by getting money from canara bank with false documents) he has purchased the properyt and sold to me. I did not know about this during my purchase and I have submitted my all my bank transactions and movable and immovable assest and inveestment to the officer he was convinced and advised me to handover to my previous owner and cancel the sale deed and recover money from him or else the property will be confiscated by his dept/govt at present the owner is not traceable. I don't know what to do next I have invested around 20 lacs (including loan emi) for this property till date and now remaning 34+ lacs (18 years) is with bank loan.Till date I'm paying my EMI If suddenly the govt take possesion of my property what should I do. I planned to inform bank first about this enquiry. Any legal advice pls to proceed next step. whether the bank will help me in this till i complete all my emi? whether I can able to recover my property or it is useless? and the subregistrar office did got intimation from CBi to withheld the property or no notice or seal for his property till date.
Asked 3 years ago in Civil Law from Chennai, Tamil Nadu
Hi, if you receive any notice from the government or any other authority for taking possession of the property then you have to move the court........ as far your narration you have purchased the property title is good and previous owner purchasing the property by fraudulent money you can't responsible for that you have taken the legal opinion for title of the property and title is good and not worry about other things.
bank will realize the amount from auction give recover the amount due and balance will be given to you
Advocate, New Delhi