My father had availed a loan of Rs. 70,00,000/- (Rupees seventy lakhs) from the ap Co-operative Society Bank in Kerala by pledging our commercial building (where my family stays as well in an adjoining house which is a part of the same property). The main source of income in the commercial building is a banquet hall. We had initially made timely repayments against the loan; however due to COVID lockdowns and ban on social gatherings the business was badly affected for two years and no payment could be made against the loans for almost two years. The total outstanding amount has now ballooned to 87 lakhs including interest. The business has recently improved and we have started making payments into the account. My father recently passed away due to illness. Myself and my brother are ready to continue paying the loans. However, shortly after my father's death, the cooperative society has filed something known as ARC against the loan as it was default. We have arranged for some funds which would greatly help in clearing the arrears. However, the bank is now saying that since ARC has been filed, the only option for us is to pay the full due amount, the part payments are not useful. Please guide us as to what are our options and what would be the best option for us to proceed.
A.Dear Sir,
it seems the Bank has initiated Arbitration proceedings which are very simple and in summary nature. If u do not clear entire dues they may put your property to public auction. Better go to civil court or high court and get a stay order.
Dear Sir,
You may get issue a legal notice to the concerned Bankers and the Head office and initiate legal action and claim huge compensation for not securing your account details which are private de...
Dear Client,
Your query requires more details to address it suitably. You expressed your concern but not a cause of action behind that concern that attracts a legal remedy. It is a virtual platform w...
Dear Client,
You need to adhere to the payment of EMI and interest rates as provided by the financial corporations to settle the loan amount. In case of a financial crisis, you can contact the manager...
Dear Client,
Once a donor or owner of the property gifted the property to the donor through a registered deed of gift, the property becomes the self-acquired property in the hand of the donee who beco...
Dear Client,
Once a borrower fails to repay his debt, the Lenders/FIs initiate a routine course of action for recovery of the loan/debt from the borrower. You may negotiate or settle your dues agains...
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