Rajiv 21 November 2016

Home loan recall notice

Dears Experts

Kindly help me with your guidance on the matter i am facing with respect to my home loan with ICICI bank for my property booked with Unitech in Gurgaon. Below are the sequence of events.

1) I had booked an apartment in a Unitech scheme in Gurgaon in 2011; possession to be given in 3 years. I had taken Unitech loan on this.

2) Construction has not started yet and we filed a case in NCDRD against Unitech. NCDRC judgement came in June in our favor and Unitech ws directed to refund us at 18% interest rate within 3 months. Unitech is yet to provide any refund and we are going to file a execution against Unitech in NCDRC

3) Meanwhile, i continued to pay EMIs till July 2016. But due to my personal financial problems i stopped paying EMIs from Aug 2016. I told ICICI that i will settle and close the loan once i get the refund from Unitech.

4) Meanwhile, i got a loan recall notice today. What are the best options i have and what are actions that ICICI may take. Due to my my financial problems i am not in position to pay any EMI and want to settle and close this loan immidiatly after getting the refund from Unitech.

Please help

Regards

Rajiv

Reply Follow

3 Replies

Ms.Usha Kapoor (CEO) 22 November 2016

Since the debt is proving tobe NPA bank may put it on sale and sell off the property in

bank auction or court auction. If still any dues are there you wil be peronsly liable to pay.

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Rajiv 22 November 2016

Dear Ms Usha, thanks a lot for your response. But as i said the builder has not started the construction yet and due to lost reputation of Unitech there is no one to buy this.

G.L.N. Prasad (Retired employee.) 22 November 2016

You can issue a Registered notice to the Bank,explaining the developements enclosing the NCDRC decision stating that you can execute a POA in favour of the Bank for collecting the amount from UNITECH and pray for giving more time as the circumstances are beyond your control.

Wait for a month, file consumer complaint against the bank and get their orders in your favour.