We are having a 1bhk flat, which is mortgaged in a cooperative bank which is currently under liquidation. The bank's licence to work as a bank has been cancelled by the RBI and we're stuck in between as we could not pay the EMI regularly since the bank goes into liquidation. The property and the loan is in the name of my father. And I have somehow managed to get rid of the mortgaged property.
The bank is still charging interest @ 16% p.a. on our Mortgage loan and the gross amount is keep increasing year-by-year.
Now I have a few question in this case :
1) We want to set off the loan and get our property released from the bank to save further interest.
2) Since we are not able to pay the whole loan amount (approx 6 lacs) can we ask the bank for some discount since we're paying lumpsum. We could arrange on 4.5 lacs from all the sources.
3) Is the bank eligible to charge interest even after going into liquidation.
4) What other options (is there any) do we have in this case.
Please guide,
- Vipin
