Pocession of a house

LIFE & HEALTH INSURANCE ADVISOR

DEAR ALL SENIOR ADVOCATES?

CAN A PERSON ATTEND BEFORE DRT IN A CASE WHERE A POCESSION NOTICE SERVED ON HIM DUE TO DUES UNPAID EVENTHOUGH HAVING MORE TENURE OF A HOME LOASN ??

IF SO WHAT WOULD BE THE FEES???

DUES 2,10,000/- TILL THIS MONTH END.

CAN THEY ALLOW HIM TO CLEAR THE DUES AND CONTINUE THE LOAN ACCOUNT WITH THEM??

OR HE HAS TO PAY TOTAL LOAN AMOUNT OF 12,50,000/- TO CLOSE THE LOAN ACCOUNT.

IS IT NECESSARY TOP APPOINT A ADVOCATE??????

KINDLY GUIDE ME.AS A CONSUMER TO THE BANK AM I HAVE THE RIGHT TO LODGE A COMPLAINT BEFORE THE DRT IN THE STATUS OF PARTY IN PERSON OR NOT

 

 
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Retired employee.

Any citizen can approach with clean hands and can make submissions in person before any authority in writing and in orally.  But when a borrower failed to repay monthly installments, and the institution has recalled the loan, it is a serious issue and only a competent advocate can only save borrower from bank taking the property into possession.

 
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Lawyer in Hyderabad.Email:ramachary64@gmail.com

you can approach Banking Ombudsman is a quasi judicial authority functioning under India’s Banking Ombudsman Scheme 2006. The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services. As on date, fifteen Banking Ombudsmen have been appointed with their offices located mostly in state capitals.

 
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When a case is pending under DRT, Banking Ombudsman cannot be approached. The matter need to be addressed in DRT only.To reply specifically to the query, can the borrower pay only the sum of overdues and get the attachment cleared, I would say that once a case is filed in DRT, bank recalls entire liability but not partially.  Therefore, the borrower has to make full payment to get the attachment vacated.

 

Bank would have given ample opportunity to the borrower to clear the dues before filing case in DRT.  The only option to the borrower is to approach the Bank with a proper and practical proposal to clear the dues.  If bank is convinced about the sincerety and capacity to repay the loan as per the proposal, they may accept.  However, accepting or not acception such proposal from borrower is entirely at the discretion of the Bank.


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