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Unable to pay Property loan and EMI
07-Feb-2023 (In Recovery Law)
I we took a bank loan on a flat of approx 18 lakhs. Disbursement being around 13 lakhs. Service tax paid by us. The builder got bankrupt and all his projects are incomplete. Now they have been handed over to NBCC. Don't know how much time will it take. Also we don't have money to pay for it further.
At that time when we booked the flat, my husband was doing a decent job and we're able to afford it. But after few years, he lost his job and could not get a good job for few years. We managed EMIs from our savings. We also had to sell another flat for living. We started a small business but failed. And for two years, corona is there. Unemployed and distressed, we are not paying any EMI to the bank for about 2.5-3 years now as we need money for living. Now bank is sending legal notice. What will happen to us? Also what will happen if we don't receive the letter? Can the bank attach our property or force us to sell the property where we are living?
hi
in this case the bank will file a case gaainst you and can attach your property if you fail to do the settlements or pay the dues and they can recover the cost of your emis from this and stop your future emi
in this case the bank will file a case gaainst you and can attach your property if you fail to do the settlements or pay the dues and they can recover the cost of your emis from this and stop your future emi
Helpful?
Adv. Abhishek Dhingra
Gurgaon | 25+ Answers
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Hello from your query it seems that you took a home loan to buy a flat in that case your flat is mortgaged with the bank and in case of default in payment bank can call back the loan and proceed to recover under SARFAESI act and must have issued demand notice under section 13 (2). If you do not pay in stipulated time bank can auction the mortgaged property in case of shortfall can attach other properties with due process of law. You should approach RERA against builder to recover cost with interest and DRT for bank loan dispute.
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Adv. Ranbir Singh
Faridabad | 500+ Answers
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