What is mortgage revival letter ? (which comes in 3 years)
if some one has mortgaged his land through Equitable Mortgage and guaranteed someone others' loan and he refuses to sign the revival letter after first three years then question is - can bank recover the loan from the guarantor ?
The period of limitation for recovery of money is 3 years. The revival letter is taken by the bank in order to bring the recovery of the debt within limitation. A fresh limitation period of 3 years starts running when the revival letter is signed by the debtor / guarantor.
Personal loan by NBFC has been issued on year March 2008. No amount received till april 2016. Notices are sent every month, and defaulter person receiving the notices.After that he paid some amount in april 2016. can we initiate recovery proceeding now ?