Please help about my loan agaist property (Property Law)

This query is : Resolved

Author : Vicky Raj

PRO CHAT CALL

Posted On 22 May 2012 at 22:31

Hi Sir,

I want your opinion in a case related to my father's property.

My father had a property in Khammam district in Andhra Pradesh, 13 years back my father had a financial requirement, so he mortgaged the property document in SBI Khammam District and availed Rs.20000, for business requirement.He repaid only Rs.4000/- and due to financial crisis he has not pay the loan.From sources I got to know that it has need waived off under some criteria s.SO I had some question for which I wanted to take expert advice i.e:
1 What happens in this case to the property?
2 If want to claim how to go about?

I wanted to check with the Bank before I go to bank to enquire on the same.I will really grateful to you if you can given me your valuable suggestion I would really appreciate.

Expert : A V Vishal

PRO CHAT CALL

Posted On 22 May 2012 at 23:02

The limitation prescribed in case of mortgages is 30 yrs, hence it is advisable to amicably settle the issue with the bank.

Expert : Adv. Bharat Chugh

PRO CHAT CALL

Posted On 23 May 2012 at 08:40

Father or if even if he is not there can claim what is known as 'redemption of mortgage' after payment of all the dues. You'd get the security/hypothecation removed once you do that.

Author : Vicky Raj

PRO CHAT CALL

Posted On 23 May 2012 at 09:53

thank you so much for your advice Mr A V Vishal and Mr.Bharat Chugh.

Expert : Nadeem Qureshi 9953809956

PRO CHAT CALL

Posted On 23 May 2012 at 09:59

Dear Vicky
first of all check the bank statement of the account and after that settle the matter with bank official, gernally the bank settle the matter on principle amount and waived of the interest.
feel free to call