Legal Question in Credit and Debt Law in India

Dear sir,

i am having a credit card due of 100000 Rs , i have unable to make any payments from last 4 months due my job situation and family circumstances i want to go for the settlement of the debts.

i have a home loan running , its it possible that a bank can take possession of my home due to the non payments of credit cards .

with regards


Asked on 5/11/14, 2:45 pm

3 Answers from Attorneys
Rajiv Chandhok Ph: +919810050896 https://www.linkedin.com/in/rajiv-chandok-0827b733/

They cannot do it legally. You may drop in a detailed query at [email protected]

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Answered on 5/12/14, 10:13 pm
Fca Prashant Chavan Expert Edge LLP

13.05.2014

Dear Sir / Madam,

If you are also a defaulter in repaying your home loan installments, and your Credit Card and Home Loan is processed by the same bank, the bank can take possession of your home for recovery of both, the housing loan and credit card outstanding.

Regards,

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Answered on 5/13/14, 2:27 am
Adv Meenal Kashyap M Kashyap & Associates

once a case is filed property can be attached. Try to settle the matter with the Bank or get some more time from them otherwise he situation is not very sound .

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Answered on 5/16/14, 11:24 am


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