Legal Question in Banking Law in India

No EMI House Loan

Hi All,

I took the house loan 2.6 yr back its aroung 20 lacks, every month am paying EMI 22,000/- P.M. Upto till i didn't delay paying EMI's. But right now i loose the my job, now am ready to sell my house this time every one asking very less amount at least am expecting loan amount(not expecting any profit).

1.if am leaving the house to intimate the bank manager like ''i don't have job so unable to pay EMI's'' then they will wait and start the action i know that, but My clarification they filed any crimanal & civil case on me( i don't have any private property. They given loan only on my salary basis)

2.If am ready to sell the house no one can buy the house expected loan amount. So for this situation how i can come out of from the house loan. Please let me know


Asked on 2/08/09, 8:47 pm

2 Answers from Attorneys
J. Radhakrishnan independent Practice

Re: No EMI House Loan

Better write to the Bank about your position and requesting them to take symbolic possession of the mortgaged house and sell the same by public auction. Tell them that they should endeavour to get the best possible price. If you have given them post dated cheques, write to them not to present the same as you are not having sufficient funds and intimate the Bank also. Suggest to the Bank that they show concession in interest rate in view of your poor financial condition. Honestly alwas pays.

Read more
Answered on 2/08/09, 9:35 pm
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: No EMI House Loan

If value of your liabilities is more than your assets; and if your loan instalments are more than your monthly income, you may file an insolvency petition leaving the court to decide how much you should pay per month out of your income, if any; the court may also restrain the bank from recovery of the loan amount; and may instead decide to dispose of the property by court process.

Read more
Answered on 2/09/09, 6:49 am


Related Questions & Answers

More Banking Law questions and answers in India