Dear Sir,
Thanks in advance for all your experts answers.
In 2009, I borrowed 6.8 lacs from Corporation bank for my higher education outside of india (overseas educatoin loan) and I gave my land as a security . The land is then evaluated by the bank for more than10 lacs. Meanwhile, I was not able pay any interest or principal towards the loan as I could not get a job after my studies.
In Mar 2013, The bank took decision to sell the land and sold it for just 5.25 lacs towards my loan. Recently, bank is asking for difference amount between land sold and principal amount on top of 4 years of interest. Altogether it comes around 6lacs again.
At the moment, i wont be able to pay this much big money and would like to go for settlement with bank with some small amount.
I am not sure how come bank can sell the land for much lesser price than the price that was evaluated by them 4 years ago. I am not sure my thinking correct or not... I think how come i will have reponsibility if bank sells the land for much lesser amount than it is evaluated?
Experts, Please help me and guide me how to proceed with this situation.
