Legal Question in Banking Law in India

I took a loan from icici bank in 2005 against my property. I was paying instalment since my loan has approved but from last seven months I have stopped. Actual loan amount was 8,50000 and loan tenure was 15 years only but now tenure been increased upto 25 years and principle amount still same since 7.5years. Our circumstances doesn't allow us to make any more installment to bank. They keep sending recovery people every other month and every time new person came, none of them had given any advise to close this loan. Kindly advise me how can I approach bank to conciliation on lump sum amount and make a settlement and get my property papers back. I was calculating the amount I have paid already to bank and that's comes around more than 8 lacs rupees. And also could you pls tell me does the bank has right to cease my property. I'm happy to make a settlement on lump sum amount asap. Kindly guide me what step should I take to close this matter in every possible way. Thank you.

Asked on 5/12/14, 2:26 am

Fca Prashant Chavan Expert Edge LLP

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13.05.2014

Repeat query. Already answered. Lawguru system flaw in posting the same query again and again for Attorney's reply.

Answered on 5/13/14, 2:15 am

mohd mahboob

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you have to approach lok adalat

Answered on 5/28/14, 4:04 am

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