What does generally bank do if someone is not paying home loan ? Whats their basic procedure ?
Isaac Gabriel (Advocate) 11 December 2010
the bank gets the original documents of the property or get them motgaged before sanctioning the home loan. In case of default, the bank will proceed to bring the property to auction for the realisation of the loan amount.
Jay (Team Member) 12 December 2010
My issue in short: I would like to inform that i have taken home loan from citi bank. They gave me this loan with the condition that i have to take a unit linked personal life insurance policy. They told me that i have to pay premium for 3 years and then i can withdraw amount after 5 years. However now they are telling that i have to pay premium for 4 years otherwise i will have to withdraw my policy after 3 years less 25% (surrender charge which is not applicable if i withdraw after 5 years). I have completed 1.5 year. Now what should i do. I dont believe their words. I want my premium back without deducting any charge and will pay home loan as per procedure otherwise i am planning not to pay home loan and let bank settle first with insurance co.
Please guide me regards this. What are the available options i have.
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