Not in a position to pay home loan

Masters in IT

 

Hello,

My husband(Main applicant) and me(joint applicant) took a home loan for 20 yrs. My husband is passed away now. I am a house wife and in a position to pay EMI. I want to sell the property also I need to get the Legal hiers from court.It will take approx 2-3 months. My daughter is a minor that's why again i need to get permission from the court to sell the property. it will take 3-4 months. This is the information i got from some advocates and friends. Please correct me if i am wrong.

Now i am not in a position to pay emi for 5-7 moths. Please tell me the different options what can I do? What the bank will do if i stop the payment?

Thanks in advance.

 
Reply   
 

The information you have got is correct. On stopping payment, the last resort of the bank would be to auction off the premises. But that is the last resort. If its only a matter of 5-7 months, i suggest you talk to the bank manager or the relevant authority of bank and see if you can sort things out with them..and ask if there can be a deferred payment later....

 

I hope this links helps you.... http://india-home-loan.blogspot.com/2010/12/consequences-of-non-repayment-of-home.html

 
Reply   
 


Advocate

You are the legal successor as well as the guardian of  your minor daughter. 

Let the bank auction the property. send them a letter that you are not able to pay the money so suction the property and give the rest amount if any to me. 

I don't think any problem should occur while executing the same. 


Total likes : 1 times

 
Reply   
 
Masters in IT

Thanks Tushar & Manish Singh for your advices.

@Manish Singh Sir, If  bank auctions the property i think we will get price less than the market value. correct me if i am wrong. If that is the case please give me some option Sir.

 

Thanks

 
Reply   
 
Advocate

No, the auction shall also be done as per the market price. Do not worry.

 
Reply   
 

Why dont you rent out your property and shift to a smaller rented place? It will help in financing your EMIs while keeping your property in your hands.

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

  Search Forum








×

Menu

Post a Suggestion for LCI Team
Post a Legal Query
Muslim Personal Law     |    x