i have taken a gold loan of 2,35,000/- using 100 gms gold in vasavi bank in May 2012. 10 gm gold was 32,000/-.
At that time, they have given mortgage calculating 2,350/- per gm. i m paying interest and any other charges regularly.
But now, as the gold value is decreased (10 gm gold is 29,000/-), they are giving 2,000/- per gm. The bank has sent notice that they are sending my gold ornament for auction, as now the difference amount for 100 gms of gold is 35000/-, if i fail to pay in 1 week, they are going to do the auction.
I have bought this ornament for 3,60,000/- in 2012, now they are sending it for auction, i m requesting them to give me 1 month time, so that i can arrange some money and pay it. But they are not ready to listen and sending it for auction. Still the balance outstanding is 2,35,000/-. I don't know what to do