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How settle a home loan with minimum amount
01-Jul-2023 (In Banking / Finance Law)
Plesse let us know at what minimum amount bank can settle and close the hoam loan account.loan amount 95 lacs.we offred settlement at 85.50lacs connenting bank with a purchaser.bank refused and sold it at 75lacs under surfasi act.case is i. Drt now for recpvery of 25lacs.we are in no postion to pay that.
There is no minimum or maximum amount , the bank is entitled to every penny including interest, legal charges,etc.
your offer was only a oral offer it seems , thus you couldnt stop auction
that offer should have been through lawyer or through court
i suggest you defend the case before DRT properly and seek time
the settlement is usually based upon the schemes of bank announced time to time .
usually around end of financial year or half yearly closing .
that too vary bank to bank.
but now that your property is already been sold by the bank .
there are chances that bank would be ready to settle the account unless bank has other security mortgaged with it.
hire a lawyer and make an offer to settle . try negotiating with 50 % of balance amount . lets see where the negotiations finalses.
your offer was only a oral offer it seems , thus you couldnt stop auction
that offer should have been through lawyer or through court
i suggest you defend the case before DRT properly and seek time
the settlement is usually based upon the schemes of bank announced time to time .
usually around end of financial year or half yearly closing .
that too vary bank to bank.
but now that your property is already been sold by the bank .
there are chances that bank would be ready to settle the account unless bank has other security mortgaged with it.
hire a lawyer and make an offer to settle . try negotiating with 50 % of balance amount . lets see where the negotiations finalses.
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Adv. Pratik Duhan
Panipat | 100+ Answers
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