Legal Question in Credit and Debt Law in India

dear experts ,
I have been issued a SBI credit card last 8 months ago on the basis of Home loan with central bank of India . its having the credit limit of 47000 Rs which i have used 90% . I have made all the payments on time till 6 months but defaulted few payments from last 3 months as my Job situation getting worsening day by day and the family circumstances that used all my savings . i am only the earning member of the family with the small income of 25K its not possible to pay the home loan and Credit card dues simultaneously . i have talked with the customer care explaining all the financial crises that i am facing also i said that i will likely to recover from this situation but i need some 3 months time . although they offered my to covert the amount to EMI option but before that they want i should pay 17k than they can proceed to my request .
with the current financial crises i can't able to pay a Next EMI of credit card . My question is that is it possible for the bank to take the legal possession of my home that is currently running on loan to recover their credit card dues , i am living in fear . i have lost my entire savings , i don't want to loose my home .
i am ready to pay the Credit card dues but i need some sort of time in order to recover from this crises .
kindly guide me...
with Regards

Asked on 5/14/14, 11:23 am

Fca Prashant Chavan Expert Edge LLP

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15.05.2014

Repeat query. 'already answered. Any further advice or guidance only on payment.

Answered on 5/14/14, 6:57 pm

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