Legal Question in Banking Law in India

I had availed a Mortage loan in financial intitution amounting 45 lacs in 2008 and 9 lacs in 2009 separate account. for 45 lacs loan i paid EMI properly for 2 years and next 2 years improperly but managed and in last april 2012 with lots of struggle i closed the 45 lacs Loan with Foreclosure and lots of Overdue Charges.

For 9 lacs loan which is pending EMI is 14797 for 10 years, i had not paid emi since last july totally 7 EMI pending. But i submited TDS refund certificcate and adjusted 5 EMI and now only 2 is pending. Now i am planning to close the loan but they are threatening to paste notice on property if i dont clear EMI. what to do.... i can close the loan in 1 month time. pls advice.


Asked on 12/31/12, 3:54 am

2 Answers from Attorneys
uttam Tibrewal

yes you can close the loan ... nor request the bank to give some time....

they can not pas notice on property without informing you....

what ever crosspondence you do have a written communication no oral commitment....

for any help reply back

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Answered on 12/31/12, 4:05 am
Aniruddha Pawse Aniruddha.P.Pawse Advocates

i agree with Adv Uttam

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Answered on 1/01/13, 2:48 am


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