Home Loan Issue
Querist :
Anonymous
(Querist) 15 July 2011
This query is : Resolved
Dear Sir,
Is there any time period for bank to recovery the Home Loan Amount from Borrower.
Regards,
Aman Anand
A V Vishal
(Expert) 15 July 2011
Your query is too general, please quote your query in a specific manner based on facts.
Ravikant Soni
(Expert) 15 July 2011
3 years from loan/last paid/revival letter.
Devajyoti Barman
(Expert) 15 July 2011
If it is suit for recovery for money then 3 years from the date of when it fell due or from any later date of written acknowledgment by the borrower.
A V Vishal
(Expert) 15 July 2011
THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSESTS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 is invoked in case of home loans etc...
prabhakar singh
(Expert) 16 July 2011
Is there any time period for bank to recovery the Home Loan Amount from Borrower.????????????
with due respect to ld. experts, i wish to differ,as for a general loan,limitation is 3years from date of loan or last part payment or acknowledgement of debt dues,its true.
BUT IN CASE OF A HOME LOAN THERE IS A MORTGAGE IN FAVOR OF BANK OF THE VERY HOME,HENCE LIMITATION WOULD BE 12 YEARS FROM THE LAST EMI DEFAULT.
malipeddi jaggarao
(Expert) 17 July 2011
I agree with with Mr.Prabhakar sir. It is a term loan with mortgage and the limitation starts from the default of instalment. But the Bank may loose its right to recover the residual amount if the mortgaged property is not sufficient to cover the entire dues as this limitation does not allow to proceed personally against either borrower/guarantor. And Mr.Vishal sir rightly pointed that irrespective of limitation, when the Home Loan default is noticed (default of 3 EMIs) it will be classified as NPA and action under SARFAESI Act will be initiated which gives power to the Bank to sale the mortgaged property without interference of courts.
