I have a single residential property in a prime location of gurgaon, I took 13 lacs loan from nationalise bank @ 8.5% floating reducing balance terms.
During the recessions I lost my job as my company winded up, I could not get job for more than a year, I tried to do some business, I opened my current account too with the same bank/branch.
I was continuing my EMI but some time I deposits 2 EMI;s together in the next month as & when I use to get payments in business. Which Bank has taken as my default, I requested bank in a writing to increase my tenure as the interest rate was also increased 3 times during the recession period so it was a 2 sided problem for me.
But bank has not considered, I keep depositing money somehow & maximum I could, bank has also taken all the funds in the current account without my permission to home loan A//c as a result my business to jeaopardized.
Now in spite of my payments more than my agreed EMI till last month, bank has taken a symbolic possession from Dist. Megistrate.
I took 13 Lac in 2004, I paid around 9.5 Lac till now, still my outstanding principle is 11.97L bank has put all the penalties, Legal & ad charges on my account, Whatever I have been paying they are adjusting against their bills.
I just have single property in a joint name of my mother & myself, My mother also passed away in decemeber.
I have been going to the bank personaly every month with money to deposit, but it seems bank is more interested to take property & ignoring all my payments to them & increasing my due's to 15 lacs.
everytime they take my signatures on revival notices & other legal documents without a date.
What do I do, Please help. I feel like trapped by the bank.
Thanks & regards,