Legal Question in Real Estate Law in India

What is the condition for bank to return extra amount after sale of attached property.
type: HOME LOAN
Person X took loan of: 20,00,000 Rs.
TOTAL AMOUNT TO BE PAYED BACK: 26,00,000Rs
He pays back 8 Lakh and then stop paying due to business drop.
Property was volunterly surrendered.
Bank repossess unmovable property and auctions it for 21Laks.
Bank wants person to pay: Rs 5 Lakh balance.
BUT
Total Amount With Bank = Payed + from property sale = 8 + 21 = 29Lakhs
In this case is not the bank to return the balance 3 laks
or
is the person suppose to pay 5 lakhs balance

Asked on 2/19/12, 9:23 am

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U can file civil suit and may complaint before ombudsman

Answered on 2/19/12, 9:25 pm

Shrichand Nahar S.V.Nahar, Advocate

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Find out unpaid loan amount as on the date of auction. If that amount is less than auction sale amount, claim surplus from bank.

Answered on 6/26/12, 2:52 am

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