quesUnability to pay EMI's, bank selling property

I had taken a personal loan for which I didn't pay the EMI's for, as i had lost my job. The loan tenure finished in 2013 only. They have now initiated some legal action against me. They want to seal my property under the arbitration and conciliation act 1996. Is it possible?

  • ansYour default in making payment makes you liable for legal action for recovery by the financial institution. When you take loan, you have a contract with the bank/financial institution to repay it. If you do not make the payment to the bank then it will first issue you a legal notice and ask you to make the payment.

    If you still fail to do so then the bank will start a recovery proceedings against you which does not take much time. Moreover the mortgaged property can be got auctioned to recover the arrears.

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
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