Legal Question in Banking Law in India

Hello, I had taken a loan against property from icici bank in 2005. We were paying instalment every month but since last 7months we completely stopped playing instalment to bank as our business is not active any more and loan tenure increased by 15 years to 25 years now. Every time they send recovery people at home. We are agree to make a settlement with bank. Kindly advise me how can we approach to bank and make lum sum full and final payment to bank and get our property paper back.


Asked on 5/11/14, 4:00 am

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

11.05.2014

Dear Sir / Madam,

All you need to do is to go and discuss, verify interest rates charged and accuracy of all calculations, negotiate and sort out with the Bank Manager what it takes to pay off and settle the final outstanding loan amount in one straight lump sum settlement. Take a letter in writing from the Bank clearly stating the net outstanding amount for settlement and closing the loan account. Once you receive the letter with the amount, issue a cheque of the stated amount in favour of the Bank, and collect all your property documents back from the Bank, on the very date that the cheque is realized by the Bank.

Regards,

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Answered on 5/11/14, 4:21 am
Rajiv Chandhok Ph: +919810050896 https://www.linkedin.com/in/rajiv-chandok-0827b733/

Next time a recovery goon visits you then dial 100 and call the police since it is a civil dispute, wait for the bank you send you a legal notice and file a suit. then you may negotiate and settle there. You may drop in a detailed query at [email protected]

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JSR/13514

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Answered on 5/12/14, 10:27 pm


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