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Home loan one time settlement, what is the legal procedure?
30-Dec-2023 (In Civil Law)
My father has taken homeloan from HDFC by keeping house documents few years before. My father was unwell and due to huge medical bills he could not pay EMI further. Right now the outstanding amount is 5 lakhs. so bank sent firstly demand notice and then posession notice and they are saying now the case is in DRT. However bank representative came couple of months ago and they said they are ready to settle for 2 lakhs. Now i am ready to pay that amount but not sure how to initiate the process. Should i proceed via lawyear only or i can directly talk to the bank representative? How should i ensure that they will not disagree to their statement in the future? What if they take the amount and then disagree to settle down in future.
You should proceed through lawyer.I think that you have all documents of taking loan from bank.Your outstanding amount is Rs 500000.and your bank representative tell you to settle amount with rs 200000.you should verify the amount with your bank.According to me you should take help from lawyer to settle with bank.
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Adv. Tapobrata Guha
Kolkata | 25+ Answers
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Can I get home loan if I have settlement?
After settlement, can I get a loan? When you settle a loan, you agree to pay part of the debt and the creditor will forgive the remainder. It can be an effective way to reduce debt, but can also negatively impact your credit score. 25-Nov-2022
Is loan settlement a good option?
The bank will settle the loan or close it for you if you cannot pay it in time. This has a negative effect on your creditworthiness, and your CIBIL rating will be drastically lowered. 02-Nov-2023
Can I settle my home loan early?
Yes, you can pay off a portion of your home loan or the entire amount. You can pay a portion of your outstanding balance, and then continue with the same EMI.
What is the procedure of loan settlement?
Debtors may have to settle their debts through a loan settlement procedure. Loan settlement is the process of paying off a loan before its scheduled term ends. It allows borrowers to pay off their debts earlier and save money on interest. 18-Jul-2023
This is very good that they agreed for OTS ,So you can talk directly or via lawyer whichever is favourable for you. But I would suggest you to ask the bank to refer your matter to the Lok Adalat . So that no confusion arise and the matter may be settled in the Lok Adalat. Contact for more details.
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Adv. Soma Das
Barasat | 25+ Answers
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Dear Sir/Ma'am,
Your problem is very genuine and general, many people face the same problem.You should act on your own for settlement with the bank but always consult a lawyer before taking any step for settlement as many documents required to be executed at the same time, unless the pending DRT matter will not be settled, which will trouble you. So you may consult me for proper steps to obtain documents from the bank.
Your problem is very genuine and general, many people face the same problem.You should act on your own for settlement with the bank but always consult a lawyer before taking any step for settlement as many documents required to be executed at the same time, unless the pending DRT matter will not be settled, which will trouble you. So you may consult me for proper steps to obtain documents from the bank.
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Understanding the steps is essential to ensuring a smooth Home Loan Settlement. You will have to arrange your finances, select a settlement agency, review and sign all necessary documents, and apply for a home loan. It is also important to be ready for any unforeseen issues.
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Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
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