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Deeps (SE)     28 October 2010

HDFC Loan non Repayment

Hi everybody,

I need a bad help here.

sometime back my dad got a loan from HDFC bank for renovation,and now our family condition is so bad that we are not able to pay the loan back.And we already sold the flat.

Now the situation is that the flat was having 2 loans at a time

first was the original bank loan and the second was the HDFC banks loan.

The party who has purhcased the flat has paid the first loan and the second loan is still painding and the bank persons are approaching them out for the loan repayment.Party has already filed a case in court for this.

My dad cannot pay the loan amount now!!!!

What can be the solution to this?????

Plz sombody help me out with this.

 



Learning

 8 Replies

R.Ranganathan (Advocate)     28 October 2010

You pay instead of your father


(Guest)

First tell me what is the agreement between you and the party  who purchase the flat ?

Deeps (SE)     29 October 2010

I cannot pay the loan amount now as i am not earning that much.

 

And about the agreement between both the parties is that "they will pay the original loan only"

 

I just wanted to know the rules and the regulations according to the indian law or bankers law about this.

SACHIN AGARWAL (ADVOCATE)     30 October 2010

From your writings I could understand that you need some way out not to pay teh loan amount. There is no such provision. You will have to pay the loan amount. However, the Bank may grant rebate in interest amount.

Deeps (SE)     01 November 2010

Hi Guys,

Please sombody help me out with the rules of indian law about this......

Is there anything mentioned in the law that the son of the borrower have to pay the amount if the borrower is not able to pay the amout.


Seriously  I cannot pay the amount as my monthly salary is 6 thousand per month and the loan amount is so high.......

Democratic Indian (n/a)     01 November 2010

There are many finer points of law and practical solutions which are best discussed sitting face to face with a lawyer. Hence contact a good local lawyer and discuss with him.

ram (kp)     02 November 2010

You can not sold the flat without paying loan outstanding as original sale deed will be with bank, bank won't release untill outstanding is not clear.

You mentioned you have sold the flat means the new owner should have sale deed in his favour

Deeps (SE)     24 November 2010

yes the new owner is having the sale deed in his favour but and he is paying the oringinal bank loan also

but we sanctioned the another loan also for the renovationn of flat and that is still painding......so i need a way out here.........

 

What is the bank s formality when such a condition occures?????


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