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banking

(Querist) 07 August 2015 This query is : Resolved 
My father is class-4 govt. employer earning Rs. 26000 per month. He had taken 2 personal loans from different banks of amount 4 lakh and 2 lakh. He also had also taken a home loan of Rs 3.5 lakh and he also have 2 kyc loans of Rs. 1.2 lakh & 30 thousand , now the total installment of Rs 22000 comes per month.we find a great difficulty in repayment of such loans due to of low monthly wages of my father as we are four members of my family and me and my sister is study in higher classes we have large study expancies thats why i need a strong suggestion to what to do at that time to solve such problem b'cuz we are facing huge harrasments from bankers..plz suggest effective solution...
SAINATH DEVALLA (Expert) 08 August 2015
U would not have anticipated such a situation to occur,while taking the loans.Legally nothing can be suggested.
Guest (Expert) 08 August 2015
Mr. Pardeep,

There is no legal solution, The only non-legal solution for you and your father is that you and your sister may undertake some part time or freelance jobs in addition to your studies to give adequate financial support to your father to help him wriggle out of the financial crisis, desperation and to help your family to live gracefully in spite of odds. That may also help you to finance the studies of both you and your sister. If no part time or freelance job is available easily, both of you can start giving tution to the students of your lower standard classes. That would be quite easy for both of you, as also would help you revive and strengthen your knowledge to achieve better scores in your higher education.
Rajendra K Goyal (Expert) 08 August 2015
The loan was taken in unplanned way hence difficulty is faced. You have not mentioned, but your father may have taken withdrawal from PF account also, if not taken he can explore the scope as the house was constructed.

All the family members should try to earn specially you should earn while you learn.
Kumar Doab (Expert) 08 August 2015
With wise advise of experts you can plan now and strive to come out of situation.
Sudhir Kumar, Advocate (Expert) 08 August 2015
basically your query is not legal. it is financial query. Still some experts have tried to give you wordly wisdom.
Sudhir Kumar, Advocate (Expert) 08 August 2015
By the way.
has your father intimated that deptt regarding takings such heavy loans (more than tow months basic pay i.e. not total pay of Rs 26000/-). If he has not done so he is liable for disciplinary action by the deptt.


Further habitual indebtedness is a professional misconduct for govt servant and your father can be liable for disciplinary action as well.


But why such loan were needed. you are keeping it as mystery.

Sudhir Kumar, Advocate (Expert) 08 August 2015
Further, how could he manage so much loan against so less salary. whether bank officials were drunk/ blind or bribed or any misrepresentation was made

SAINATH DEVALLA (Expert) 09 August 2015
No legal outlet,but either to settle the matter by selling the property or face the tune.
Guest (Expert) 09 August 2015
What Ever your Case May be The Bankers are Not supposed to Make or Involve in Any Harassments as per your statement.Consult your Local Good Advocate.First Try to Protect the Property.
SAINATH DEVALLA (Expert) 09 August 2015
Bank will not harass, but the recovery agencies will do so.
Guest (Expert) 09 August 2015
Recovery Agents are just Bank's Agents.Just File a Police Complaint and Keep them Away.There are Incidents where the Clients had committed Suicide because of such Harassments.RBI had even given Prescribed Timings when they could visit Clients.Be Bold and Face It.


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