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Took loan unable to repay how to deal with it
18-May-2023 (In Recovery Law)
Dear Sir / Madam I have been sanctioned 19.20 Lakhs Home loan by the Bank, First i took 11.50 Lakhs Loan from the bank & purchased site for 18.00 Lakhs in 040/4/2015, till Now i am not able to start the construction of my home due to some personnel problems, So can i sale the site and return the loan to Bank? instead of paying huge EMI amount of interest, i can buy later when i am comfortable? kindly Advise? whether i Have to pay any extra charges to the Bank? what is the Procedure? How do i explain to the manager? kindly advise
HI
You can sell the property. But note that some times selling the property take time, if u r unable to pay u r emi sell it, act quickly, else u will have to pay huge interest. Further, note that if u have continuous e 3 emi's default Bank can bring the property for sale. One more option is you can go to bank and try to modify the loan provided bank agrees.
Pratap, Advocate
You can sell the property. But note that some times selling the property take time, if u r unable to pay u r emi sell it, act quickly, else u will have to pay huge interest. Further, note that if u have continuous e 3 emi's default Bank can bring the property for sale. One more option is you can go to bank and try to modify the loan provided bank agrees.
Pratap, Advocate
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Adv. Pratap Kumar
Bangalore | 200+ Answers
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