Legal Question in Banking Law in India

I am holding an home loan in a Private bank from past three years. I was never been defult for even single month. From January 2013 i was out of my project but manged to pay my monthly emi's till April and I couldn't able to pay two monthly EMI's due to my unemployment and exhausted with my savings now i'm from June i got a new project and back in employment and started paying the EMI's from June 2013.

I personally approached the bank and asked to give me some time to payback the pending EMI's as it would take little time. They said at that time that we can pay as and when it is possible for us and if we keep more EMI's pending then it would effect my Credit rating and Late fee charges i need to pay and i accepted it and said that if i had an option i would never keep any EMI pending and will try to pay the pending EMI's at the earliest.

Now yesterday i got a call from some one and they say that they are from the bank and they were very rude and i explained him the whole scenario and he said okay and disconnected the call.

Today i get a call from a collection agent and he says he would come to my house and he needs the payment immediately and he was taking to me in a threatening manner and i really don't want to loose my property and i'm not in a situation to pay that amount immediately. Please suggest wht i can do Coz from January till june i was out of job and when i was working also my major part of my salary used to go to my home loan and i was doing very little savings as home is a big saving for me.

Please advice me how do i save my home and i want to pay back the pending two EMI's very soon but i would surely need some time. i can't take this collection agents come and threaten me when ever they like. That is the one reson why i personally visited the bank in the month of April 2013 and asked them to support me so that i get through the situation.

Please suggest wht i should do now.

Asked on 7/13/13, 2:58 am

1 Answer from Attorneys

Fca Prashant Chavan Expert Edge LLP


Dear Sir / Madam,

Since you now have a remunerative project in hand, you should immediately pay off the two pending EMIs so that your name does not figure in the list of defaulters in the CIBIL record.


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Answered on 7/13/13, 6:53 am

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