Legal Question in Banking Law in India
sir, i have taken housing loan on 2003 from that year onwards im paying interest but in between due to financial crisis i failed to pay interest so 20000rs arrears had came.More than so many late fees also charging the bank.Now they gave notice in paper against me if i fail to pay 1 lakh rupees within 60 days my property will move to jepthi. My loan period is till 2020 .What should i do,is bank doing is right or not.
1 Answer from Attorneys
06.01.2017
Dear Sir / Madam,
You should refer the terms regarding calculation of interest and compounded interest in the event of default in timely payment of Equated Monthly Instalment (EMI) in your loan agreement. The Bank will charge late fee as specified in your loan agreement for delay in payment settlement of your EMi's. If the Bank has charged you overdue interest in accordance with your loan agreement, the Bank is right. You should visit the Bank, check and discuss the interest calculations, and agree upon a payment settlement.
Regards,
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