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Property seizure by LIC because of non-payment of money, please advise
25-Jan-2023 (In Property Law)
Hi, There is with regards to my fathers 1BHK flat. Where in he has failed to pay the left over amount of 90,000 from last 10 years to LIC housing Finance. Now the amount stands to around 6 lakhs. We have been receiving warning letters stating property seizures warnings, and a few ultimatums for the seizure. I want to get to an agreement with LIC and start an regular EMI payments but they have denied it. And all I can bear to pay is 5-7k per month for EMI. Is there a way where in I can settle things fr good. And get it sorted?? I'm his son. 21 years, working, with at a bpo.
Have you given reply to their warning letters? There is no such procedure in law to do the agreement for repayments of loan and interest. You need to explain the loan borrowing terms and conditions for repayment.
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Adv. Bharat Pandirao Pawar
Pune | 500+ Answers
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