vikram choudhry (owner) 05 August 2013

Bank loan

Dear all,

i am in need of help from u regarding my educational loan.i will brief t Shortly and hope your best advice..

I have taken a educational loan from SBI during the year of 2008 for studies in abroad,for which i have pledged my fathers property worth of 50 lakhs,and due to some personal difficulties i cant repay the loan and it has become NPA,now the bank says outstanding amount is 12.25 lakhs which i feel is too much.iam trying to settle the loan by selling a part of my fathers property,but the bank is not allowing time to do that and not co operating me in anyway..i had provided them a letter that i will pay the overdues with in end of july,,they have issued a warning notice.to pay it with in 31-07-2013 otherwise action will be taken under SARFESI act.but as of till now i was not able to arrange d money.unless selling the part of land pledged with bank i have no other source,now i am frightened and frustrated when the bank officers will be coming to take possession of my property.i need better advice to get relief from this problem.and pls provide me with a smooth way to handlle this problem..but if the bank gives me further 3months time i can arrange some money in alternative way..

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2 Replies

Advocate Rohit (Advocate) 05 August 2013

did the bank gave you the break up of the total outstanding amount cliamed by them????

since you had failed to repay the money to the bank and it has become an NPa, you may ask the bank to do OTS i.e. One time settlement with you and close ypour account.

you need to give a proposal to the bank that you want to sell a part of the property and repay the OTS amount. the bank sahll ask you to give an undertaking for the same. then you need to find a buyer for the property and take the cheque in the name of the bank and thereafter take no dues certificate from the bank.

This way bank dues can b cleared by you.

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai

MANOJ HARIT (LAWYER) 05 August 2013

Dear Mr. Vikram,

Agree with the advise of Adv Rohit. But you need to consult a lawyer sson. The Notice u have referred is called Recall Notice. It's advisable to put u r side of the story through an Advocate's reply.

If u r from Mumabi or Maharashtra u may contact Adv. Manish Bohade on 09371505560. He'll guide u properly.