Legal Question in Banking Law in India

i'm from west bengal,i've taken house building loan from a district cooperative bank in 2003, 2.6 lac.i paid the installment on regular basis.but due to my bad economic condition i couldn't able to continue it.They taken my land as secured asset mortgaged and taken registry in the name of branch manager. Now they send me a notice under the section 13(4)(a) of Sarfaesi act and demanding possession of my land. Now I like to pay i like to pay only the principle loan amount without the interest ,is it possible to pay only principle amount?if it is not possible then how can i prevent them to take possession of my land? kindly give me advice.....


Asked on 10/19/13, 2:37 am

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

19.10.2013

Dear Sir / Madam,

You should settle and repay the net outstanding amount of the loan (Principle plus Interest) to the bank, and release all your documents from the bank.

Regards,

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Answered on 10/19/13, 4:11 am
J. Radhakrishnan independent Practice

We agree with Prashant Chavan's advice

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Answered on 10/19/13, 4:13 am


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