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Bank has sent home loan return notice for non payment of credit card
01-Aug-2023 (In Banking / Finance Law)
Hi I have taken a home loan from Bank which I am repaying the emi There is credit card outstanding which I am unable to pay due to financial problems Now the bank has sent me a notice saying they will cancel the loan if I do not clear my credit card dues Is this legal?
As in general, the two contracts as to Credit Card and Housing loan are totally separate and cannot be merged, except there is any interlink. Since, you are onetime regularly paying your EMIs towards Housing Loan, they cannot cancel the loan only on basis that you have not cleared your outstanding on credit card. They can initiate a separate action for non-payment of credit card outstanding, which will also affect your CIBIL score which will affect you in obtaining loan in future or increasing your loan amount.
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Adv. Bankim Mehta
Mumbai | 200+ Answers
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