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m agarwal   02 July 2016

Bank Extension Period for Mortgage Loan

I am having a MORTGAGE LOAN with a PUBLIC SECTOR BANK, The Outstanding Loan is currently at  approx 36 Lakhs (which was previously settled for 75 Lakhs in 2014 September and I was given 2 Years Time to REPAY the Full) 

My Mortgage Property VALUE- 75 Lakhs

As per my estimation, there will be around 10 Lakhs short fall in DUE time. May I appeal to BANK to EXTEND 6 Months to 1 Year (Is it possible for Further Extenstion) for the Balance 10 Lakhs, when My Property Value is way more than Loan O/S ? 

Please Help

Thanks 



Learning

 5 Replies

adv.bharat @ PUNE (Lawyer)     02 July 2016

Property value had nothing to do with extension of repayment. Both thing are different in techical way. Extension depende up on  terms of agreement that you had made while lending finance.

G.L.N. Prasad (Retired employee.)     02 July 2016

. May I appeal to BANK to EXTEND 6 Months to 1 Year (Is it possible for Further Extenstion) for the Balance 10 Lakhs, when My Property Value is way more than Loan O/S ? 

 

'ASK" is the main principle in the lesson of success.

So write a polite and meaniful letter seeking extension of time and explain the reasons for such your request.

Any reasonable thinking banker yields to the legitimate and justified requests and keeping long term relations (past and future) with client.

The good value of property is a plus feature.  They can either provide time, or provide a new loan and charge separate market interest for the same.

G.L.N. Prasad (Retired employee.)     02 July 2016

. May I appeal to BANK to EXTEND 6 Months to 1 Year (Is it possible for Further Extenstion) for the Balance 10 Lakhs, when My Property Value is way more than Loan O/S ? 

 

'ASK" is the main principle in the lesson of success.  Doubt for such asking is first step for spoiling opportunities.

So write a polite and meaniful letter seeking extension of time and explain the reasons for such your request.(First para write details of loans, understanding reached and thank them for their maganimity in permitting and extending time.  Next para give explanation for the reasons as to why you could not keep up your commitments point wise, the third para should state what you require as favour from the bank, and fifth para mention your value of property and past sincerity and assure them that there is no loss for the bank due to this extention, than once gain request them to consider and thank them in advance)

Any reasonable thinking banker yields to the legitimate and justified requests and keeping long term relations (past and future) with client.

The good value of property is a plus feature.  They can either provide time, or provide a new loan and charge separate market interest for the same.

G.L.N. Prasad (Retired employee.)     02 July 2016

 Prepare for alternatives by  contacting  some other bank sfor mortgage loan of Rs.10 lakhs and inform them that they can repay the existing loan of first bank, and take such mortgaged documents worth Rs.75 lakhs  directly from them.

binay (advocate)     02 July 2016

You may ask for reschedule of the loan to the bank. There is no need of Appeal. Just ask the branch manager for reschedulement of the loan account

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