Banking laws

Krunal Patel (Querist) 22 February 2012 This query is : Resolved
Is there any Law which can Ask Bank to waive off Overdue Charges for Retired person who had cleared all his Home Loan EMI & close the Loan Account.

What can bank do to recover its Overdue charges if that Person is not capable of paying that Overdue charges.

Is there any procedure to make settlement? If yes how ?

Please send in your advice.

Thanks

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Parthasarathi Loganathan (Expert) 22 February 2012
As such there is no provision to waive overdue interest for any loan for that matter . However, the loanee can put up a request to waive some interest as some banks can consider the same if it is convinced that there is hardly any means of income of such senior citizens and the delay in repayment has been proved unintentional.

prabhakar singh (Expert) 22 February 2012
There is no law to make such a claim by debtor against creditor.

However creditor bank can consider such requests of the debtor for which debtor should move an application to bank.

Raj Kumar Makkad (Expert) 22 February 2012
It is the prerogative of the creditor only so there is no harm to make a written representation in this regard and attain the sympathy of bank.

Ghanshyam Prasad (Expert) 23 February 2012
approach lok adalat for settlement.

RAJU O.F., (Expert) 10 March 2012
There is no law to compel the bank to waive the agreed interests and charges, it would be sole discretion of bank. If the overdues are not repaid bank can file suit and if the dues are more than Rs.1 lakh, bank can sell the secured property, if any, under SARFAESI Act.

c.p.s. ramachary (Expert) 14 April 2012
There is no such law as on today nor any such statutory right available to defauters. You may request the bank for some concession which is within the discretion of the bank

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