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How can bank recover loan amount from mortgaged property
15-Jun-2023 (In Recovery Law)
HI, i want to know how can i slender my under construction flat to bank against loan. i have taken home loan from bank against a under construction flat in NCR. i am not able to pay EMI so i want to slender my property to bank . can you please explain what is the procedure.
I think by 'slender', you are trying to say 'surrender'. The procedure for this is simple. You can write a letter to your bank showing your inability to repay the loan. The bank will then start the procedure of NPA and will take possession of our flat and then put it for auction. All this procedure will take time. This will not happen overnight. I would suggest you to find a buyer who is willing to buy the flat (hard thing to do these days), rather than surrendering the flat to the bank. This way you will have some cash in hand at the end of the sale and will also be able to repay the loan. On the other hand, if bank sells it through auction, they will put unnecessary miscellaneous expenses, which would eventually be deducted from the sale proceeds.
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