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I have taken a loan for my business by mortgaging my one of the property and i have paid few installments as well. Now due to severe loss in the business due to lockdowns, i find it difficult to pay back the loan. Kindly advice what are the actions bank can take against me. Can they just overtake the mortgage property and sell it or they can attach another property in my name by taking the court orders. Further i am a pensioner and filing an ITR on basis of pension. Can bank has any legal rights to divert my pension amount for recovery of loan.

( Amritsar, Punjab )

4 years ago

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A.
check with bank if you can take second moratorium issued by RBI.
No right of anybody on pension.
bank can attach other properties if available but they can recover their money from mortgage property auction.
Vidhikarya
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Hi,
The bank has no right over your income in the form of pension. They can only attract properties which were mortgaged.
If you found my answer helpful then kindly rate me.
Vidhikarya
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Hi,
They can only overtake the mortgaged properties and not your pension income. The bank has no legal right to divert my pension amount for recovery of loan.
If you found my answer helpful then kindly rate me.
Vidhikarya
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Bank will take away only those properties what are given as primary and secondary securities to them and nothing more than that.
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Dear Sir,
Except your pension they can attach all other properties.
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