Two Accounts become NPA having same property as security.
Suppose there are two loans taken Loan A and Loan B (by two different firms on different accounts) on same property kept as security for both loans. If now both accounts become NPA then as part of SA
1 year ago
A. Dear Client
When two banks or organizations sanction loans on the same property then both the bank will have an agreement called pari passu charges which means the lead bank will have the first say on the security
Is son liable to pay his father debts if he receive property as Gift from father
Suppose a father has a Income Tax liability/outstanding bank loans of Rs.50 Lakhs and he fails to repay his liabilities. So will his son be liable to pay his father's outstanding dues/liability incase
1 year ago
A. Dear client, when a property is transferred to another person. Along with the kitten also comes libalities. Therefore the son have to repay debt of father.
default in refunding my fixed deposit and interest
I and my wife had invested Rupees one lakh each in three year fixed deposit in a company called Future Enterprises limted /Big bazar.The company is shut down and no response in refunding my principal
1 year ago
A. Dear client, in my humble suggestion, when a company shuts down, unless a tiny amount of the investment is redeemed through the sale of any company assets, investors lose all of their money.
Unable to pay home loan as the borrower as done sucide
Borrower cannot pay home loan bcoz he cannot expired sucide .Wife is coborrower .now Karnataka Bank is pressuring his wife to pay the loan.Bank people have visited their flat and taken photo of the ho
1 year ago
A. Dear Client,
In such a sensitive situation, it is crucial for the wife to communicate with the bank and explain the challenging circumstances. While banks may show empathy, it is essential to note that the loan responsibility doesn't get automatically excused due to the borrower's demise. The wife, being the co-borrower, remains legally obligated to the outstanding loan. It's recommended to approach the bank to discuss the possibility of restructuring the loan, seeking a lower EMI, or exploring ...ReadMore
Too much loan penalty on commercial vehicle
Before lockdown we asked bank branch to restructure our loan emi's into smaller emi as bussiness not going well. Our loan start form may 2017 to march 2021 and we manage it to on track by dec 2019 but
1 year ago
A. Dear Sir,
Now it has been settled law that during the period of lock down commercial vehicles could not ply on the roads as per the Government circulars and Government is not suppose to demand tax for that period. You may file Writ Petition accordingly and get appropriate relief.
I have banks debts
I have banks debts and right now i am now unable to the pay emi's on time..Debt collectors also forcing me to pay in 1 hour anyhow... i requested all the debt collector to please make my total outsta
1 year ago
A. You can ask the lender banks instead of the debt collectors to to reset your EMI for a longer term by communicating to them about your inability to payt he EMI's and staying the genuine reason.
Clarification on EWS certificate
Hi sir My father used to run a business 9 years ago.unfortunately business did not run well . having no other choice my father filed an Insolvency petition.The opposite party filed counter petition.It
1 year ago
A. You're capable of EWS category, since your father has no flowing income therefore you can apply for EWS category
Gone Bankrupt - I have huge debts
Hi ! I have huge debts (30 lacs) & i m not in a position to pay. Loan on credit card blocking the limit. What do I do now. I do not have any property of my own.. I m disowned by my family too. wh
1 year ago
A. Dear client,
You need to declare bankruptcy and file for insolvency. When you file for the insolvency under the Presidency Towns Insolvency Act, 1909, the possession of the assets shall be taken over by the receiver/ assignee appointed by the court. Then a repayment plan will be considered, prepared and placed before the creditors. Then a plan is prepared for payments to your creditors as full and final discharge of all your obligations in a phased manner.
Thank you.
Education Loan Repayment - I have borrowed education loan
I have borrowed education loan of amount 4 lakhs and I was unable to pay after my degree completion due to unemployment. Now I have requested bank for OTS. since the account became NPA. I have deposit
1 year ago
A. It is not clear what was the mode of discussion, if its orally, you look for a written order. If its in writing like OTS letter, you may issue a legal notice to clear the loan and issue NOC/NDC
Subhashis Paul
Unable to Pay Emi's for MY pERSONAL LOAN AND CREDIT CARD LOAN
Dear Team, I am under debt of 28 lakh personal loan and credit card loan. I have paid all my EMI's till date by taking loan after loan but now i am unable to pay EMI's. My monthly EMI's are 1.30 lakh
1 year ago
A. You may ask the lender to reset your EMI for a longer loan tenure by communicating to him your inability to pay EMIs is due to a genuine reason of the short-term difficulty, you can discuss the matter with your lender. You can try to persuade your lender to understand your difficulties and convince them that you can resume your loan re-payments soon. You can show your track record of repaying your previous loans on time in order to convince the lender.