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GIRIRAJ BHATTAD (TAX CONSULTANT)     10 November 2012

Housing loan + colateral security

MY FRIEND'S FATHER HAVE TAKEN HOUSING LOAN AND ALSO MORTAGAGED SAME HOUSE AGAINST HYP LIMIT FOR HIS BUSINESS. HE GOT AN ACCIDENT AND BECAME MENTALLY ILL DUE TO ACCIDENT AND DECLARED 50 % DIABLED AND UNABLE TO EARN HIS LIVELIHOOD. THE L;OAN ACCOUNT HAS BECOME NPA AND BANK HAS GOT POSSESSION ORDER AND PRESSURING FOR TAKING POSSESSION. IN THIS CONDITION HE IS TOTALLY UNABLE TO REPAY ANY LOAN AMOUNT. WHAT R THE RELIEFS AVIALBLE TO HIM UNDER THIS SITUATIUON. PL HELP . ITS VERY URGENT



 1 Replies

ajay sethi (lawyer)     10 November 2012

banks generally insist that when you take a loan you must compulsorily take insurance policy . please cross check whether any insurance has been taken for housing loan . whether it covers any accident resulting in disability and inability to pay loan .

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