housing loan
2 years ago
we have taken a housing loan of 44 lakhs and paid emis for 1 year.last 6 months we have defaulted on emis and they have sent recall notice to repay entire loan amount.but the problem is that the notice claims we have taken 55 lakhs instead of 44 lakhs.can we file a legal complaint against the bank and if so what kind of compensation could we demand?
A.Reply to the legal notice and ask them to correct their mistake or else you can take the benefit of this mistake of theirs when either they move the case in DRT or you move in any forum against them
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Sidhaarth
Responded 2 years ago
A.Recently RBI has issued several directions giving relief to borrowers including that no penalty shall be imposed by band in case of default or delay. You just give reply that no loan of Rs 55 lakh was ever been applied not By such loan if Rs 55 lakh was disbursed
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Vaidehi Samant
Responded 2 years ago
A.First of all reply the legal notice and state the mistake of stating the amount of loan availed with necessary proof, it may be a typographical error (even if they inserted it purposely they can give this reason) and no one will accept such complaint for a typographical error and especially where you have actually defaulted in making payments so better reply to the notice vide a lawyer at the earliest and seek some time for making payments otherwise a litigation may be initiated against you. Thank you.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hello
You could send them a legal notice regarding claiming more amount then the actual amount and correct the same. If they deny then u can initiate a civil suit against them.
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Thank you
You could send them a legal notice regarding claiming more amount then the actual amount and correct the same. If they deny then u can initiate a civil suit against them.
Please rate if you find thia helpful.
Thank you
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A.hi
In this particular case, the content issue is that of principal amount which according to you is 44 lakhs but the bank has asked to repay 55 lakhs. As per the law, when the party defaults on the emi, the bank can ask for the whole amount or else can seize the property. In your case, the bank has asked you to repay the entire amount. Whenever the principal amount is calculated in case of default, the amount is recalculated due to interest and other legal conditions. For example, if you had repaid the whole amount via emi's installment then you would have paid the principal amount as well as the interest on that amount according to the interest rate. With the limited information available, we can suggest you to go through the terms and condition of the loan agreement in case of default and calculate the principal amount according to that. If it is below 55 lakhs as per the new calculation then a petition can be filed in civil court challenging their notice.
Thank You.
If you find this advice helpful, please rate.
In this particular case, the content issue is that of principal amount which according to you is 44 lakhs but the bank has asked to repay 55 lakhs. As per the law, when the party defaults on the emi, the bank can ask for the whole amount or else can seize the property. In your case, the bank has asked you to repay the entire amount. Whenever the principal amount is calculated in case of default, the amount is recalculated due to interest and other legal conditions. For example, if you had repaid the whole amount via emi's installment then you would have paid the principal amount as well as the interest on that amount according to the interest rate. With the limited information available, we can suggest you to go through the terms and condition of the loan agreement in case of default and calculate the principal amount according to that. If it is below 55 lakhs as per the new calculation then a petition can be filed in civil court challenging their notice.
Thank You.
If you find this advice helpful, please rate.
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