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Notice pasted by bank for non-payment of Home loan

Querist : Anonymous (Querist) 22 February 2011 This query is : Resolved 
Dear sir,
I have taken loan from bank in 2004 for Rs 1100000/ for period of 20 yrs I paid till 2010 Feb. after that I have not paid Emi of Rs 11000/ pm because one of my friend taken same amount loan from my banker Hsbc they were charging 10500/ that why I stopped paying loan emi now they pasted notice today on my entry of the flat tell me legal provision
Y V Vishweshwar Rao (Expert) 22 February 2011
One Year Installments are due -The Loan account is Now NPA - Attracting the Provisions of the Security Act -
Pay the over due amount and get it regularized - and continue the same old installments schedule - after paying the over due amount /installments!
Devajyoti Barman (Expert) 22 February 2011
Yes make immediate written representation to the Bank towards regularsing the EMIs. As the Securitisation Act is already applicable to you , do not falter to make payment of EMIs anymore.
Advocate. Arunagiri (Expert) 23 February 2011
The bank is having every right to do so. You are liable to settle the dues. Act quickly before the bank takes possession.
s.subramanian (Expert) 23 February 2011
Whatever be your grievance,you cannot stop paying the instalments. You can always approach the bank authorities for redressal of yoru grivances. You do it immediately.


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