loan amount not paid

Querist : Anonymous (Querist) 10 January 2011 This query is : Resolved
my father has taken a agricultural loan which could not be paid in time the bank will auction my land in 3 months the loan amount is 6 lakh n the value of the land is 12 so what happens tp the(12-6=6 lakh) wheather the bank will keep it or it will be returned to my dad

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bhagwat patil (Expert) 10 January 2011
Bank will have to return excess amount

Devajyoti Barman (Expert) 10 January 2011
Yes the bank after auction and sale is not authorised to keep the excess amount and you are supposed to get the balance amount.

Guest (Expert) 10 January 2011
yes it is correct. the bank will return the amount after deducting the expenses for realisation of the loan amount (interest, penal interest, docuemntation legal feesm, incidental expenses if under sarfaci act)

H.M.Patnaik (Expert) 11 January 2011
Ganesan has put it in a clear manner.

Advocate. Arunagiri (Expert) 11 January 2011
You will get the balance amount.

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