Travel industry 18 June 2022

Demand notice under section 13(2)

DEAR SIR ,

IAM NRI HAVING HOUSING LOAN PAST 7YEARS AND PAID CONTINUESLY WITHOUT ANY DELAY DUE TO PANDAMIC LAST MY JOB AND RETURN TO INDIA SINCE THEN COULDNT ABLE TO PAY THE BANK AND MY A/C BECOME NPA .

NOW I HAVE GOT DEMAND NOTICE TO SETTLE OR THEY WILL CEASE THE PROPERTY

I AM PLANNING TO SELL OUT PROPERTY IN MARKET RATE AND SETTLE BANK NEED AROUND 6 TO 8 MONTH TIME TO SELL OUT PROPERTY .. HOW TO CONVINCE BANK OR SHALL I FILE A CASE AT DRT TO GET TIME

AMT AROUND 30LAKH (60 Days almost over)

NEED YOUR ADVISE

REGARDS

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Quick Summary

An NRI with a housing loan has received a Section 13(2) demand notice after becoming NPA due to job loss. They plan to sell the property to repay the bank but need 6-8 months. The advice suggests contacting bank officials with a realistic proposal to avoid further action or considering filing a case at the DRT for more time.

2 Replies

SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 18 June 2022

You may please contact the Bank Officials and explain your plans to them, inter alia disposibgvthe house property. Normally, bsnk' permit time provided you can convince thembwit realistic and honest proposal.