Simple mortgage loan harassment issue
2 years ago
I did a simple mortage of my vacant land without possession rights for 12.5 lakhs at Sriram city union finance in 2016 for a 5 year tenure at 16.5% flat ROI . I had paid 3lakhs after which I was unable to due to business loss and health issues .. i attempted to transfer my loans to other banks for lower interest but Sriram did not allow take over nor did they provide any SOA or other doc's , In Jan 2021, i requested for a settlement of the loan .. they added OD charges and said I had to pay 35 lakhs, the entire loan term payment is only 19L which I'm ready to pay, I'm undergoing harrasment calls .. and agents disturbing my relatives and family , even though I'm ready to pay and close they are changing the amt every time I visit them ,. I also gave written confirmation to close for 19L, but they have not given any notice or letter or SoA till now, pls advise on this issue, they are harassing saying they will take possession of property when it's clearly mentioned in MOD that they cannot.
A.As you are getting harassment call & as they have added many other dues with OD & penalty, take a statement copy & see all the paid EMI & the unpaid, go ahead for settlement at the earliest, take advice from CA if you have one for the Loan account as to what needs to be paid. As if settlement is NOT done early they may send a recovery notice & attachment of property, which will become more stressful. If possible even sell the property for less value & settle with the bank.
The business of the loan is such that one has to either give back what is deserved by the bank or has to suffer the process of recovery of loan. The best way for you is to settle down with the bank as soon as possible and close this loan. You did mention about certain terms in the mortgage agreement. Show that to a lawyer and seek some advice on how to maneuver in this scenario.
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