Bankruptancy
3 years ago
Sir ,we have a house loan of 30lakhs .tenure period15 years.my mother and father were the nominees.un expectedly my mother has died 2 years ago due to internal diseases.and it lead my father into depression.he commited suicide 1 year ago.Me and my brother was studying during that time.bank has now sent the possesion notice.we have no idea how solve this crisis.we have no other properties or much income to continue the payment.but my parents already paid 15lakhs above.but still it stands more than 32 lakhs .
A.I think you have used the word ' nominees' in place of borrowers. Visit the Bank and see if teh laon is insured against death of borrowers. Update me about what you come to know.
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A.Most of the house loan of 30lakhs tenure period 15 years is covered by INSURANCE/ INSURED LOAN & so the dependents don't have to pay the loan. Which is the bank. Please update... there is a way out...
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ADV. ANISH PALKAR (High Court)
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ADV. ANISH PALKAR (High Court)
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A.Hi,
You can approach the Banking Ombudsman for assistance. If you are unable tp repay the loan, the bank will take ownership of what securities your parents had posted to get the loan sanctioned. If the house itself is the security, you should approach them to restructure your repayment plan.
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You can approach the Banking Ombudsman for assistance. If you are unable tp repay the loan, the bank will take ownership of what securities your parents had posted to get the loan sanctioned. If the house itself is the security, you should approach them to restructure your repayment plan.
If you found this helpful, please rate us.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
If you are unable to clear the loan, the bank will appropriate whatever your parents had posted as security to recover their investment. You can make a formal request to them to restructure your repayment plan. Alternatively, you can approach the Banking Ombudsman.
If you found this helpful, please rate us.
If you are unable to clear the loan, the bank will appropriate whatever your parents had posted as security to recover their investment. You can make a formal request to them to restructure your repayment plan. Alternatively, you can approach the Banking Ombudsman.
If you found this helpful, please rate us.
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