Legal Question in Banking Law in India

dear sir,
if sarfasi notice U/s 13(2) is a decree, after clearing the loan as per the sarfasi can bank charge more interest stating that the borrower still has to pay some interest? for which the bank can uphold the title deeds. the real situation is that i was a bank employee took a hosing loan, i was resigned, bank treated it as unauthorised absence and i was removed in 2003, subsequently the loan became bad i was in the openion my terminal benefits were adjusted to my loan but in 2008 i received the said notice and i cleared now the bank is claiming that i have to pay commercial rate of interest this was never informed to me before that, i never received any communication regarding this directly.

Asked on 10/01/09, 3:43 am

Sudershan Goel India Law Offices of Sudershan Goel - Advocate

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You may try to settle the dispute with the bank amicably and avoid litigation.

Answered on 10/01/09, 10:18 pm

Seshadri Srinivasan www.lawconcern.com

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It all depends on the loan agreement. If it provides for commercial rate of interest, then you will have to pay.

Answered on 10/15/09, 11:53 pm

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