Legal Question in Banking Law in India

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.....

Asked on 10/19/13, 2:37 am

2 Answers from Attorneys

Fca Prashant Chavan Expert Edge LLP
0 users found helpful
0 attorneys agreed

19.10.2013

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.

Regards,

Read more
Answered on 10/19/13, 4:11 am
J. Radhakrishnan independent Practice
0 users found helpful
0 attorneys agreed

We agree with Prashant Chavan's advice

Read more
Answered on 10/19/13, 4:13 am

Related Questions & Answers

More Banking Law questions and answers in India

Looking for something else?

Get Free Legal Advice

88413 active attorneys ready to answer your legal questions today.

Banking Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Michelle ScopelliteGoldstein & Scopellite, PCTucson, AZ
Barry SteinDe Cardenas, Freixas, Stein & ZacharyMiami, FL
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now