housing loan emi default

i have defaulted my housing loan with hdfc for more than 6 months, so far i have not received any legal notice other than the automated system generated mails asking to clear the due at the earliest. now the bank people threatening for take over of the property as i asked them for 3 more months time to settle either by liquidating or arranging through some other sources, please suggest what the process bank will follow will they directly come home harass and try to take over the property without any legal process. r. sundaramurthy
Retired employee.

Now Banks have tightened their system and do not expect any action known to you and wait for their action, raise a personal loan and clear the EMI as expeditiously as possible, as you have to pay penal interest, huge expenses towards other actions of Bank etc.  Banks obtain all such documents in advance and giving notice is just a formality, and it should be the borrower to be worried as banks have such powers and mere recall of loan is enough to take any action.  Never give scope for any bank as it may spoil your credit rating and detrimental to your interests in future.




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