Bank one time settlement (O T S)
Vikas
(Querist) 26 August 2015
This query is : Resolved
I have a outstanding of 90 lac 65 principal 25 interest My account is classified Npa on 31/3/2015. My flat is mortgage against the cc loan. Bank already issue sarfesi letter. Realisation value of the property is 51 lacs market value is 64 lacs the valuation has been done by the bank from the approved valuers. What amount should be offered by me to the bank for settlement.
Raj Kumar Makkad
(Expert) 26 August 2015
Your offer wouldn't work rather you can bargain up to the extent of the value of the property as banker cannot recover more than the value of the property if no other property is mortgaged to the bank.
Rajendra K Goyal
(Expert) 27 August 2015
Loan is classified as NPA in 2015 only. Bank is having security up to 64 lacs in the form of house. RBI or the Bank has not pronounced any special OTS scheme. Under the situation Bank may not agree for OTS presently on your terms. If this is Public Sector Bank hierechey structure may not take decision at this early statue in absence of RBI scheme.
There is no harm if you offer the amount from your side. Better your initial offer should have cousin of 10-15 % for scope to increase the offer during negotiation.
SAINATH DEVALLA
(Expert) 27 August 2015
Rightly adviced by Adv.Makkadji and well analysed by Adv Goyalji.Nothing wrong in going for negotiations,but once U negotiate u will have to abide by it.
