Legal Question in Banking Law in India
MY Father was a buisness man and he took a loan from allahabad bank as a limit of 3lacs and mortgaged our property(which is flat) He paid intrest for 1nhalf year but due to some reason our rented shop was closed and he was not able to pay the intrest.Now the amount has gone to 4lac75 thousand n due to he is 45yrs old no one is giving job to him.he is unable to pay the loan amount but he is willing to compromie to bank at 3lac 10 thousand but bank is not ready to compromise at that amount. bank is ready to compromise at 3lac50thousand.but, my father is not having more money because he arranged those funds by selling his assets and he is not having anything accept that house.CAN YOU PLEASE TELL ME HOW HANDLE SUCH SITUATION? HOW TO DEFEND OUR HOUSE.
(THE FLAT IS NOT HAVING MAIN ENTRANCE.THE ENTRANCE PORTION IS NOT BEEN MORTGAGED WITH BANK.BANK IS HAVING INNER 3 ROOMS OF THE FLAT MORTGAGED)
3 Answers from Attorneys
as the difference is only 40000, then somehow manage that amount by borrowing and pay off the bank and get the property released.
You can protect your house using suitable methods. Issue lawyer notice and negotiate with the Bank for a suitable settlement.
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