1. You know that you owe somebody money. Banks accept deposits from other Indian Citizens and lend it in various forms to others. So your intention of duping banks is unacceptable not just to me but to the entire system.
2. Yes the bank if it wants to can make sure that you will never get LOAN or any money from other bank. Get your credit report and know where you are lying.
3. Not sure if they can seize your parents property. If they have stood as collateral or guarantor, then they sure can.
4. The limitation and the 7 year thing after which you will have a clean history is a Myth. They have the right to maintain you as defaulter on credit file as long as they want to.
Try to be a good responsible citizen.
