Mortgage loan
shafiq
(Querist) 16 February 2015
This query is : Resolved
Dear sir ,
we have mortgage our property to a finance company for 7lakhs rupees. for 1 year we have paid the interest from next two years we are unable to pay interest and principal. the property worth more than 1 core .we have arranged the money went back to return the document he is asking to pay 20lakhs . how could we handle this case.
Guest
(Expert) 16 February 2015
What ever money you Pay Now Directly to them They Would Adjust it towards Interest.Consult a Local Good Advocate and Proceed For Settlement Thro Court Immediately.
Rajendra K Goyal
(Expert) 16 February 2015
The terms of mortgage and other terms need to be referred, consult local lawyer.
Devajyoti Barman
(Expert) 17 February 2015
Yo have to the repay the amount which is due from you. You can not fix the repayment amount on your own.
If you fail to make whole payment, the Bank can initiate proceeding under SARFAESI Act and attach and sale the same for recovering its dues.
T. Kalaiselvan, Advocate
(Expert) 19 February 2015
Advised well by experts, you cannot fix your own terms for repayment, you may have to negotiate with the bankers for restructuring the loan if you desire to do so and finalise the loan settlement/repayments.
K.K.Ganguly
(Expert) 22 February 2015
1. The loan of Rs.7 lakhs can not become Rs.20 lakhs in 3 years,
2. However, you shall have to refund the amount you have taken on loan with agreed interest,
3. If your fail to pay the EMI for consecutively 3 months, your loan account will be classified as NPA and the lending Bank will have the liberty to initiate SARFAESI Proceedings and recover the outstanding amount by selling of the mortgaged property as per the Act,
4. So, take extreme care in this regard.
