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One time settlement for housing loan

A. Yes can approach the Bank if the case is not filed or approach the court if the case is filed. Other details required for appropriate suggestion
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Advocate  Anik
Advocate Anik Experience: 11 Year(s) Bangalore
Ayantika Mondal @ Prime Legal
Ayantika Mondal @ Prime Legal Experience: 12 Year(s) Bangalore
i have received a letter from home loan bank for physical possession on a date specified by them to handover the property to them. i have a default of 18 monts including lockdown and all. and also wh...

A. Hi,
You can petition the Court to grant a stay order on the bank proceedings for collection of possession. In the meanwhile, you must arrange alternate avenues to pay your dues.
If you found this helpful, please rate us.
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Advocate  Anik
Advocate Anik Experience: 11 Year(s) Bangalore
Periyamuthu  Asai
Periyamuthu Asai Experience: 14 Year(s) Chennai
ask_a_question

Anonymous

Posted 1 month ago

For a home loan default, can a bank ask for repayment of full liability in 7 days or do they have to go strictly according to SARFESI act? That is, in order to act against defaulter, is it correct to...

A. Hi,
This depends on the facts of each case. The bank cannot ask for the full amount to be repaid in seven days.
They can however, attempt to recover whatever amount of the principal is outstanding, along with interest and fees for late payments.
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Anonymous

Posted 1 month ago

During the pandemic i lost my job and due to that i am unable to pay my card and emi dues..i have paid till the dec 2020 but now it's very hard for me to pay it further. Banks and the recovery people...

A. Hi,
You can request the bank to restructure your repayment plan, or grant you an extension. Failing this, you can approach the Banking Ombudsman and state your grievances.
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Varun  Vij
Varun Vij Experience: 4 Year(s) Mumbai City
Advocate  Anik
Advocate Anik Experience: 11 Year(s) Bangalore
ask_a_question

Anonymous

Posted 1 month ago

I have upto 20lacs debt in all 7 banks and have stopped paying from last 6months due to financial crisis. Now my salary is the only source of income to my family and I can pay maximum 20k monthly EMI....

A. You can ask bank for OTS. You can also take assistance of mediation center situated in ever district court.
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MOHIT  ADARSH
MOHIT ADARSH Experience: 4 Year(s) New Delhi
Madupu  Chakrapani
Madupu Chakrapani Experience: 10 Year(s) Hyderabad
Madupu  Chakrapani
Madupu Chakrapani Experience: 10 Year(s) Hyderabad
What is the legal way to document a loan being given to a relative? What terms can be covered like rate of interest, principal etc..in it?

A. Hi,
A legal loan agreement or promissory note signed by the two parties is a great way to remove the transaction from the level of friendship and place it in a formal context. This can help reassure the friend loaning the money that the borrower is serious about repaying the note and considers the loan to be a serious debt. All the particulars relating to loan can be mentioned in the document.
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Hi, I have credit card from HDFC bank and also running some Personal Loans, due to covid-19 pandemic i am unable to payoff my Credit card dues and have requested time for taking loan and paying off th...

A. Lodge police complaint
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Advocate  Anik
Advocate Anik Experience: 11 Year(s) Bangalore
Ayantika Mondal @ Prime Legal
Ayantika Mondal @ Prime Legal Experience: 12 Year(s) Bangalore
ask_a_question

Anonymous

Posted 1 month ago

Due to lockdown am struggling financially unable to pay emi on time and same facing collection agents issues any relif or advice to overcome from this trouble

A. Hi,
Request may be made to the money lender for extension of time period for repayment of debt amount.
However, more information is required, so that we can advice you properly.
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I took money from a friend few years back. Then a lot happened with me afterwards. I am still struggling in many ways. I just came out from an abusive marriage. I am looking for jobs too. He knows al...

A. Hi,
Legally, a legal action can be taken in case of non re-payment of loan. However, you can request your friend for extension of time period.
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Advocate  Anik
Advocate Anik Experience: 11 Year(s) Bangalore
Advocate Niyas  Fazal A
Advocate Niyas Fazal A Experience: 3 Year(s) Malappuram
DIYAVARHUSSAIN  SHAIK
DIYAVARHUSSAIN SHAIK Experience: 22 Year(s) Hyderabad
I have a personal loan with AXIS Bank. However due to covid i lost my job and didnt pay 3 emis. The legal team called me and said they have sent a legal notice to my old address. I am not staying tha...

A. Hi,
You can file for bankruptcy if you are unable to repay the loan. Alternatively, you can approach the bank and request the manager to restructure your repayment plan.
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