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Default in Repayment of Agriculture Loan
18-Jul-2023 (In Banking / Finance Law)
Dear Sir/Mam
I have one agriculture loan going on from HDFC Bank Ltd ,and my land is mortgaged to Bank now due to my poor financial condition I am unable to pay the loan EMI's .
I want to know what can be the legal action action me if I am unable to pay my loan , what will be action against me , will it be considered as criminal offence and can bank do Kurki of my agriculture land
Dear sir,
The bank will issue a notice to u for 60 days to answer why you are not unable to make the payment for the Emi.
Yes, legal action can be taken against you in the eyes of law. By honouring your blank cheque into the bank and can initiate the criminal case against you under 138 of Negotiable Instrument act, 1881 in ordinary word cheque bounce case.
As per the loan agreement, the matter can be dealt in Arbitration.
Yes the bank can sell your property and only recovery the loan amount from it but that process is long to happen.
The only remedy available with you is that to talk with the branch manager to settle the amount in one go
The bank will issue a notice to u for 60 days to answer why you are not unable to make the payment for the Emi.
Yes, legal action can be taken against you in the eyes of law. By honouring your blank cheque into the bank and can initiate the criminal case against you under 138 of Negotiable Instrument act, 1881 in ordinary word cheque bounce case.
As per the loan agreement, the matter can be dealt in Arbitration.
Yes the bank can sell your property and only recovery the loan amount from it but that process is long to happen.
The only remedy available with you is that to talk with the branch manager to settle the amount in one go
Helpful?
40+
40+
Adv. Sahil Singla
Chandigarh | 25+ Answers
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