Mortgage
Nazeer Ahmed
(Querist) 29 March 2018
This query is : Resolved
It is a settled position of law that once a right of redemption is exercised and readiness was shown for the payment of mortgage debt, the mortgagee is not entitled to claim any interest on the Mortgage debt.
Please share and quote judgment in this regard.
Srajadvo460
(Expert) 29 March 2018
Unless you pay the entire loan with interest to the creditor or unless suit for redemption is filed and entire principal and interest as per agreement is deposited in the court you are bound to pay interest. just readiness and willingness is not enough bonafides have to be proved by paying the entire debt as per agreement.
Guest
(Expert) 30 March 2018
Not the readiness to pay, but actual payment of dues of loan, including interest up to date confers the right of redemption to the debtor. Interest accrues on the unpaid dues, which cannot be waived by showing mere intention to get the mortgaged property redeemed.
Nazeer Ahmed
(Querist) 30 March 2018
Agree but in my case Property is in the possession of the bank under lock and key which the bank had taken directly from the builder without informing me or making publication and then DRT is sitting for judgment for past 2years as reserved for orders since July 2016
Guest
(Expert) 30 March 2018
The issue of your original question was something else, but now you have tried to drift from the main issue of the original question. Not only that, you have not become aware of the judgment of the DRT. So, where was the relevance of your asking question on redemption, when you would not have paid the installments even during the trial by the DRT.
Please be aware, even for the element of interest or the possession by the bank directly from the builder, your agreed conditions through the agreement with the bank would prevail.
So, not only your original question was irrelevant, but also premature in the absence of any judgment by the DRT. Better wait for the judgment of the DRT and come forward only after you feel there any problem on account of the judgment.
However, you may feel free to consult some expert by getting detailed examination of the agreement with the bank for further guidance, if your own lawyer failed to satisfy you or has been incapable to handle you DRT case.
T. Kalaiselvan, Advocate
(Expert) 02 April 2018
I agree with the views of expert Mr. Dhingra.
The querist has deviated from his main question.
There is no question of redemption when the bank has already initiated recovery action by due process of law and now the matter is pending before DRT.
