Loan against property and 101 no. case -cooprative bank
amol
(Querist) 09 December 2011
This query is : Resolved
Dear Sir,
My father took a loan of 5 lac against property in 1999. Loan in from co-oprative bank. He repaid 3.5lac in 2000. we were willing to pay the remaining amount but interest rate piled by bank.
In 2008 bank was taken over by new co-oprative bank. New bank says that 2.9 lac principal amount left and they are demanding 6.5 lac against one time settlement amount.
My dad age is 68 and we have only home as a living asset.
As a son I m will to pay the principal amount with minimum interest.
Currently bank has given one month notice period to repay the amount. And after that they publish the same for auction, against 101 case.
Please suggest the way out.
ajay sethi
(Expert) 09 December 2011
you have not paid any amount since 2000?if you have not paid any amount then interest element will mount .
have you signed any letter acknowledging your liability .? ccliam appears to be barred by limitation if no steps taken by bank for so many years
prabhakar singh
(Expert) 10 December 2011
As the loan is against immovable property,part payment made in year 2000,limitation survives still.Try to negotiate and settle but as the Bank has been taken over they shall not go down to any thing less of the book value shown at the time of taking over togather with some surplus as profit.
Sri Vijayan.A
(Expert) 11 December 2011
Ask for the details of amounts.
If you can find any discrepancy in the statement of accounts, you can ask for rectification.
Otherwise, you have to pay the money.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 11 December 2011
101 certificate is issued by the co op registrar and treated as a decree so there is ample limitation.
If you can find fault in accounts than you have to go for revision before Joint registrar and than to HC.
You may get stay for auction by part payment and may get some relief if home work is done properly.
