Legal Question in Securities Law in India

sir,

i took a housing loan for 600000/- from one of the nationalised bank from India about 3 years ago. i was remitting monthly instalments regularly and due to financial shortage i could't pay monthly instalments regularly for the last one year; but managed to make Rs.4500/- monthly instead Rs.5700/- as EMI. Now bank issued a Surace notice against me and asked me to remit the entire loan amount with interest upto date.

What I should do now since I don't have enough money to make the entire amount within 60 days as mentioned in the notice.?

Please give your valuable feedback on this subject since I want to hold the property and would continue to make EMIs regularly.

Regards,

Gopakumar


Asked on 4/26/11, 3:28 am

1 Answer from Attorneys
Vivek Mapara Vivek N. Mapara

Account has to be positively classified as NPA account to invoke SARFASI ACT. If you continued to pay EMI, though less then prescribed, then under RBI guidelines account cannot be classified as NPA. (Subject to other qualifications and parameters)

However, better idea is to negotiable with bank.

Can contact me in person.

Vivek N Mapara

Advocate

9426482371

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Answered on 4/27/11, 10:18 am


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