Legal Question in Banking Law in India

I have a house which is purchased on home loan from a bank and for nearly six months i had defaulted in my emi and had issued notice under sarfaesi act also which i had replied it and now i want to seek an advice if i can let this house on rent or lease and settle some amount with the bank will this will violate the land law please advice?


Asked on 10/05/11, 1:41 am

2 Answers from Attorneys
J. Radhakrishnan independent Practice

You can lease out the house, raise money, plead with the bank to accept part payment with request to reschedule repayment. The only problem is that if the bank goes ahead in selling the property under the SARFAESI Act, your lessee will lose the home. Before the bank takes the extreme step, persuade the bank to accept part payment and give you time to settle the balance.

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Answered on 10/05/11, 5:02 am
Aniruddha Pawse Aniruddha.P.Pawse Advocates

i agree with Adv Radhakrishnan

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Answered on 10/05/11, 6:16 am


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