Bank loan
sridharan
(Querist) 20 July 2016
This query is : Resolved
Dear sir/madam,
i had taken a loan of 1 crore at idbi bank bangalore for the purchase of site.
i am paying my emi regularly for the past 25 months not even a single emi is defaulted.
now the site is acquired by BDA.
I DONT KNOW WHAT TO DO KINDLY HELP ME IN THIS REGARDS.
Rajendra K Goyal
(Expert) 20 July 2016
You have not made discrete inquiry before purchasing the site.
You may get compensation.
Bank is concerned with recovery, if you do not pay, it can proceed legally to recover from you, even from your other property / asset.
DR.VEDULA GOPINATH
(Expert) 20 July 2016
With the enactment of real estate laws if Government acquires private land, compensation is now based on market value. thus you are able to get major portion of the land value to celar your bank loan.
We should also examine whether BDA acquisition is proper and legal.the Govt. and BDA cannot acquire land on whimsical grounds and you have right to approach HC for rederessal.
All will go well. Please do not worry. Please send me copies of documents to advise you further. vgnath@gmail.com cs dr vedula gopinath advocate and arbitrator
