Legal Question in Banking Law in India
respected sir,
I haven't repaid my monthly home loan for 4 consecutive months due to renovation work going in the same premises for which i took bank loan. can you suggest me guidance to get rid of banking actions to be taken on me if any? please mention me what actions could a bank take on a customer in this situation if any? Is it will be possible to me to ask for pausing my home loan payment until the completion of my house rennovation? please do help me! I will be obliged to you on your early favourable response.THANKS A LOT SIR!
1 Answer from Attorneys
appeal to the Bank to reschedule the repayment explaining your difficulties. If the bank does not agree, they can present your post dated cheques if given to them for payment on the due dates and entangle you in Sec.138 N.I.Act prosecution if the cheque(s) bounce. They can also proceed under the SARFAESI Act to take possession of your home mortgaged to them.
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