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Procedure in case possession notice pasted on property by bank
19-Oct-2023 (In Banking / Finance Law)
Sir I got credit loan for my business with IOB the loan amount is 20lacs and got house laon worth of 33 lacs on 2011 On 2015 SSI term loan for 24.75lacs out of this IOB received 9.25lacs subsidy received from Tamil Nadu Governement. On 2015 IOB attached our house to CC loan since April 2016 i didnt pay the emi for my house properly but i paid then and there Now they clubbed (including ssi term loan) all loan together and pasted Possession notice to my House and gave 45 days period time i.e., till Nov'10th What can i do? I don't have money now But within 6 months i am able to clear the entire amount.
Hi,
You can approach the bank/creditor with a settlement proposal wherein you can mention the timeline within which you can close the loan account. Approach the Regional office/Zonal Office, they may be able to help you in this regard if your proposal is a viable one.
You can approach the bank/creditor with a settlement proposal wherein you can mention the timeline within which you can close the loan account. Approach the Regional office/Zonal Office, they may be able to help you in this regard if your proposal is a viable one.
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Adv. Shobhan M P
Chennai | 100+ Answers
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