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Unable to pay Home Loan and got Legal notice


27-Sep-2023 (In Banking / Finance Law)
Hello Sir, I am not able to pay my home loan for last 3 months. So bank has send me legal notice. How to proceed further on this issue.
Answers (3)

Answer #1
543 votes
Dear client good evening


I just seen your query ok so what reason you unable to repay the loan, what you want to do because once you get loan you have to repay otherwise it will burden on you .
Mony problem or other issue,?
Advocate Nataraja KS

Adv. Nataraja KS

LawRato Shimoga | 200+ Answers
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Answer #2
988 votes
1. the reply notice to b sent within the stipulated time upon receipt of the notice.

2. you may seek time to repay the loan. in case, if you not act legally then they may auction the property.

3. share the copy of the notice to know further on the issues.
Answer #3
871 votes
As per the provisions most of the banks will permit for 6 months till that they can’t do anything on the loaned residence as such we have got many alternatives to clear the debt and free from liabilities but subject to compliance to legal requrinments
Advocate Nikhil Singh

Adv. Nikhil Singh

LawRatoBelgaum | 100+ Answers
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