i'm from west bengal,i've taken house building loan from a district cooperative bank in 2003, 2.6 lac.i paid the installment on regular basis.but due to my bad economic condition i couldn't able to continue it.They taken my land as secured asset mortgaged and taken registry in the name of branch manager. Now they send me a notice under the section 13(4)(a) of Sarfaesi act and demanding possession of my land. Now I like to pay i like to pay only the principle loan amount without the interest ,is it possible to pay only principle amount?if it is not possible then how can i prevent them to take possession of my land? kindly give me advice.....
2 Answers from Attorneys
Dear Sir / Madam,
You should settle and repay the net outstanding amount of the loan (Principle plus Interest) to the bank, and release all your documents from the bank.
We agree with Prashant Chavan's advice
Related Questions & Answers
I have not made my credit card bills since last 5 years Asked 10/18/13, 3:57 pm in India Banking Law
I went to a bank in madurai tamilnadu,India,they asked for my name and contact... Asked 10/17/13, 3:43 am in India Banking Law
I joined in a bank at the age of 16 years bank said my retirement is at 42 years of... Asked 10/17/13, 1:28 am in India Banking Law
Is it risky to take loan from SBI for studying a course? How do i repay it? Asked 10/16/13, 10:49 am in India Banking Law
Whether agriculture land can be mortgaged in nationalized bank in orissa state? Asked 10/16/13, 7:50 am in India Banking Law