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Loan against property settlement

(Querist) 13 June 2024 This query is : Resolved 
i have loan against property of rs4200000 total from which i have paid 7 years emi now my financial condition is not good so i want to settle my loan can it be settled
T. Kalaiselvan, Advocate Online (Expert) 13 June 2024
You talk to the lender company/bank and get your loan restructured or talk about one time settlement also.
Hope as of now your account is not with overdues and as a result, Bank has not classified your loan account as Non Performing Asset (NPA).

When your financial position is not good, how you propose to clear the Loan? When you approach Bank, the first question shall be this. Please approach the Bank with a practical reply and details. There is a possibility of pre-closure penalty if you propose to close skipping the full schedule. Maybe depending upon negotiation with the bank, they may reduce or waive these charges, besides giving concession in interest. However, such concession cannot be demanded or expected as a matter of right. Banks take appropriate decision, case to case based on facts.
kavksatyanarayana (Expert) 13 June 2024
You shall talk with the Manager to settle the issue on One Time Basis.
P. Venu (Expert) 13 June 2024
Have you discussed the issue with the Bank officials?

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