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Took loan not able to repay can I get some more time
26-Apr-2023 (In Recovery Law)
I had taken loan against my house for business purpose almost 2 years ago..nowadays m suffering a huge lose in my business .I need to change my business.. But as my financial position is not stable.. I am not able to pay interest..I have only my house as a asset and don't want to sell it.if there is any alternative or any stay order by which we can get relief of interest for at least one year..??
You are bound to pay back the loan that you took from the bank. If you fail to pay back the loan amount, the bank will recover back the loan amount from the mortgaged property. You can request the bank to provide you with a better payment options according to your financial position.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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