Want to surrender my home loan
Anuradha
(Querist) 01 May 2014
This query is : Resolved
Hello,
I'm asking this on my husband's behalf. We have a 2 bhk flat in Jamshedpur. We bought that flat with 13lakhs in 2010, From last 3 years we are trying to sell it off but nothing worked. People want to buy that flat in 5 lakhs, 8 lakhs but nothing fruitful. Due to shortage of money we couldn't get it registered also. From last 3 years we are in ahmedabad & the flat vacant there, we are not getting people for rent aswell. But the EMI is 19000. We are suffering and cannot afford to buy a good property not life is secured. All the money is getting occupied their. Now we are planning to surrender the home & loan to bank, knowing all the negative points of doing so. We know by doing this we won't get any loan in future but even rightnow we are unable to get loan because of faulty situation & so much EMI.We applied for loan but failed. So, We are fed up now because even without surrendering the loan amount we are not getting loans. So please guide how to surrender ? And will their be any legal process against us ? Kindly guide & help us.
Rajendra K Goyal
(Expert) 01 May 2014
You have to forget all you have paid till date.
Bank has to follow the procedure under SERFAESI and the expenses + future interest + penalty would be added. If bank is not able to recover its outstanding, it can attach your future income.
You can do all your calculations and can sell the flat yourself. Definitely it would be beneficial.
ajay sethi
(Expert) 01 May 2014
it is better you sell the house even at a loss and repay the loan . surrendering house to bank is not a good idea . in auctions held by bank generally there is a cartel in operation and you may not get a good price at all
Sankaranarayanan
(Expert) 01 May 2014
yes the same stand i too with my learned friends that you yourself try to sell and settle the due with bank
