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Q.Irregular payment of my home loan

Q. Irregular payment of my home loan

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posted 3 months ago

Hello, My mother borrowed 1.5L home loan from a co-operative Bank, 10 years ago. She made irregular payments. Now the bank is asking us to pay 4L immediately otherwise they will go for eviction. Currently we are not financially stable to pay that much amount. What are my options here.
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A. Dear Sir/Madam,
Please try to see the original document on which your mother borrowed the loan and its terms and conditions applicable.You will be governed by that.
The other option get in touch with the Branch Manager of the bank and explain the position and try for one time settlement.
Shanti Ranjan Behera

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Shanti Ranjan Behera

Experience: 22 Year(s)

Responded 3 months ago

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A. Dear Sir,
The law governing loans advanced by Co-operative Bank is very cruel. They get a decree for public auction of the property by way of a simple 1-2 page Award passed by their own Arbitrator. They need not approach a Civil Court. It is advised to settle the loan immediately and avoid unhealthy atmosphere that may be created by the Bank.

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