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    Sarika Guleria's Avatar
    Sarika Guleria Posts: 1, Reputation: 1
    New Member
     
    #1

    Nov 19, 2017, 11:37 PM
    Land loan
    I want to take loan on my part of land at my hometown place as my brother is not clearing the situation.So if we take loan on my part of land and does not pay the loan afterwards and in that case the bank took control on my land do I also have to face something in that case or not
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #2

    Nov 20, 2017, 05:11 PM
    1) Laws vary by country
    2) Laws vary within countries!

    You can ask us about your locality, or you can ask your local courthouse. Your story is a bit hard to understand. You need to be clear about HOW you BOTH own one parcel of land. There are various ways, but most of them mean some sort of fractional ownership of the whole parcel. If you are each 50%, then you each own half of 100% with no physical dividing line down the property. In such cases, if one of you takes out a loan, or both of you, it doesn't matter, EACH one of you is 100% responsible for paying it back. The bank doesn't care. They just want payments and can go after either one of you.

    If the bank has already taken the land (you are mixing real with possible) then they can sell it to pay themselves back. And sue you (again, either one or both of you) for any amount that isn't covered by the sale.

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