I had taken education loan of 7.5 lakhs from bank against the mortgage of our distant relatives property. The loan was taken in two installments in year 2007/08 & 2008/09 respectively .
The institute had promised placements post completion of education but in vain. I did work little here and there as well did borrow from friends and private lenders to pay the installments making my installments little bit irregular due to the conditions.
I always wished to be on toes & get the installments but at times conditions didn't support.I hv paid around rs 11.5 lakhs till date.
As i went out of the work, I became unable to cope up to pay the installments making the account become NPA.
I was also eligible for CSIS scheme but was denied it. I had followed up for scheme but never received proper satisfactory reply on not receiving benefits of the scheme.
Now my loan account is NPA since 8-9 months.
The outstanding amount according to bank till the date of NPA is 7.63 lakhs but we are unable to pay such a big amount.
Our intention is to settle the account by borrowing some money from private lenders.
My questions are,
1. In how much amount should bank settle the account ?
2. After paying such a big amount of 11.5 lakhs, can bank take possession of the mortgaged property ?
3.What minimum amount should I propose bank for the settlement?
4. If the bank demands the whole amount which is NPA, what should I do.
please guide. regards
