Bank loan

varun (Querist) 31 December 2014 This query is : Resolved

Respected sir/s,

If a person is unable to pay EMI for property purchased, after taking the property, will the banks return the money paid by way of EMI to the bank? To tell clearly, a person buys a property for 85 lakhs. He gives 20 lakhs out of his pocket. Balance 65 lakhs he gets loan from a bank. After 2 or 3 years, he is unable to pay EMI. upto that date he paid appx. say five lakhs towards capital.

If the bank takes the property, what happens to his paid money of Rs.5 lakhs and out-of-pocket paid money of Rs.20 lakhs? Will he get back this money?

Kindly advise.

Follow Query

Report Abuse

Guest (Expert) 31 December 2014
I would suggest Try and Find Out a Good Buyer Who could Settle the Bank Loan and Pay the Balance to You.To be Frank today the Banks are Worse than Real Estate Brokers.

ajay sethi (Expert) 31 December 2014
bank furnishes detailed statement of account to borrowers mentioning total amount paid towards principal , interest . if borrower is unable to repay the loan bank will take recovery proceedings for recovery of loan amount with interest . flat would be auctioned to realise bank dues

Devajyoti Barman (Expert) 31 December 2014
agree with experts.

Kumar Doab (Expert) 31 December 2014
Agreed with experts.

Rajendra K Goyal (Expert) 02 January 2015
Bank would sell out the property and if the proceeds are enough to close the loan account , Bank would close it and would refund surplus to borrower if any. If not sufficient to close the account Bank would further start recovery proceedings.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries