Co operative society bank loan settlement

Imran (Querist) 03 March 2018 This query is : Open
My father had taken a 300000 Mortgage Loan from cooperative society in Karnataka in 2008 he had paid only interest till 2013 I want to make one time settlement by paying amount 350000 but the BANK is not agree with it please suggest some legal process

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Imran (Querist) 03 March 2018
Expert advice

Isaac Gabriel (Expert) 03 March 2018
In cooperative societies, the interest portion of the loan will be collected first. So better to clear the dues without any arrear.One time settlement is permitted by the Government/Registrar during specific period.Be in contact with the society to avail the OTS

SHIRISH PAWAR, 7738990900 (Expert) 05 March 2018
Settlement of bank loan is discretion of bank. So you have to negotiate with bank. There is no legal recourse available to you against bank for settlement.

Imran (Querist) 05 March 2018
After 2013 we have not re new the loan Can I get interest rebit is their any process legal process

Dr J C Vashista (Expert) 05 March 2018
What is the dispute for consideration by legal experts?

Ms.Usha Kapoor (Expert) 19 June 2018
Agree with Shirish Pawar.

Ms.Usha Kapoor (Expert) 21 June 2018
i AGREE WITH EXPERTS.

Isaac Gabriel (Expert) 21 June 2018
You can seek the help of the free legal aid where your case could be brought before the Lok Adalat and considered.

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