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house loan

(Querist) 25 December 2018 This query is : Resolved 
dear sir,
i had taken business loan from bank and made my house collateral for same but due to loss in business i could not pay the loan and bank sold my house to take the loan amount from me i was sad that my house is gone but satisfied that the loan amount is cleared but after 2 and half years bank representative called me and directed me to pay huge amount of money as an interest of 36% was to be paid on defaulted amount which is still due and is threatening me what should i do know as bank claim is illegal because my house value was more than the loan amount
Dr J C Vashista (Expert) 26 December 2018
Whether your house was sold by bank in a claim by DRT/ DART under the provisions of SARFACI or any other law ?
What was the amount shown "outstanding" in your loan account and how much money did your house fatch ? Was there anything left out ?
Whether the bank representative has given you notice in writing or just an oral request/ call/ threat ?
What is the opinion /advise of your lawyer with respect to present request/ call/ threat extended by the bank representative ?
rajeev sharma (Expert) 26 December 2018
Dear As inquired by Dr. Vashishtha you have not mentioned the complete facts of the case hence no concrete advice may be given. Please give complete details of loan, the total amount due against you at the time of sale of your house, the value for which your house was sold by bank, the date on which the recovery proceedings were started by the bank, whether any loan remained outstanding against you after the sale of the house, whether you have received any notice in writing from bank , whether the bank is nationalized bank or a private bank or NBFC. At present all i can say is that no bank may charge interest at thee rate of 36%.
SHIRISH PAWAR, 7738990900 (Expert) 26 December 2018
If there is outstanding in your account even after selling the property you have to pay the outstanding.
Kumar Doab (Expert) 26 December 2018
As posted by you; you were satisfied that debt is paid/recovered.
Implying that, you had properly related with debt claimed by lender.
You must be having the record and that should suffice to ward off the demands!
Kumar Doab (Expert) 26 December 2018
Hope you shall take IT positively.
You have posted many contentious issues in many threads.

Approach a very able LOCAL counsel and preferably proceed under expert advice of your own LOCAL counsel.
You have posted that you are at WB.

If you wish you may approach LCI Expert Mr. Devajyoti Barman.


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