Loan taken from qatar not able to pay
Raja
(Querist) 29 August 2016
This query is : Resolved
HI Experts,
Need you suggestion.
I had taken personal Loan in Qatar of 40 laks in 2014 and paid 10 installment and now outstanding is 31 lak. i got lost job in qatar due to oil price and i came back to india. i used 40 lak to buy house in bangalore, which i took and got registerd, Now i thought to selling house and settle the loan. now I am getting calls from bank people as i have missed 5 installment to pay immediately. But now property which i got is not clear and having issue, i am not able to sell the property due to litigation consulted lawyer he says its difficult to sell it & will take time. now i dont have job in india and still searching. Bank is not ready to give any time not settlement. they are asking full amount or continuew the EMI 1 lak everymonth. can you please advice on this matter. Can qatar bank people can take any legal action in india. i have not signed any bank document when i was in qatar, i got the loan as per my salary also i paid 1 lak for insurance for loan (i am not sure about insurance details for what they took 1 lak). I i am not getting call from recovery agency from india.
Raj Kumar Makkad
(Expert) 29 August 2016
If your loan is secured by way of insurance then you need not worry. The details of the insurance though are not with you but those are with the banker so better to clear everything to the banker in writing and pray to recover from the insurance company as you are not unable to pay the loan in any circumstances.
Rajendra K Goyal
(Expert) 30 August 2016
You have taken loan and it is your moral responsibility to return the same.
Legally foreign banker may not be in a position to get loan back from you immediately.
Rajendra K Goyal
(Expert) 30 August 2016
You have taken loan and it is your moral responsibility to return the same.
Legally foreign banker may not be in a position to get loan back from you immediately.
Kumar Doab
(Expert) 30 August 2016
It is not clear the insurance covers exigency due to death or inability to pay.
You have a right to ask for the authenticated copy of proposal form and policy.
The jurisdiction of bank in Qatar over estate in India may depend upon some factors.
Bank is asking to pay, and there is nothing wrong in asking ( in approved/legitimate manners).
You have borrowed and you should pay.
You have not clarified on defects in title.
Some seasoned financiers/buyers/dealers may agree to buy. In that case bank may agree to recover from proceeds by an agreement.
Your own counsel can render considered opinion after examining all relevant docs and inputs.
M V Gupta
(Expert) 31 August 2016
As the loan is secured by insurance the bank may have to recover the amount from the insurance company. But before that the bank will have to take all diligent steps to recover the amount from u and prove to the insurance company that the loan is irrecoverable. The bank may therefore take some legal action against u as permissible under Quatar law including filing a suit in quatar and obtaining a decree and taking action to execute the decree through Indian courts.
