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Took loan from the bank but unable to repay it , need to time to repay
08-Oct-2023 (In Banking / Finance Law)
My Father taken a cc limit of Rs. 1.10 crores 4 years ago and a property is motgaged. But we are bankrupt and not able to repay the loan but we are paying interest so that account does not become NPA A/C. Now bank intimate us to repay the loan otherwise bank will sell out the property. We are trying to sell out the property and repay the loan but we want time for a year to sell out the property and repay the loan. so please advice me what i do so that we get the time for 1 year
Dear Client,
If you are willing to pay your loan amount and you are paying the interest amount then it will not make your account NPA. Has bank issued you any notice in this regard. If you are paying their interest amount then they cannot sell your property and if they are then the same can be stopped through court intervention.
If you are willing to pay your loan amount and you are paying the interest amount then it will not make your account NPA. Has bank issued you any notice in this regard. If you are paying their interest amount then they cannot sell your property and if they are then the same can be stopped through court intervention.
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