Net (Director) 17 April 2011

Default- Propert Loan

Need your advise,

I have paid EMI of 8000 for last 5 years, current outstanding loan is 7.5 lakha, loan taken in 7.8 lakhs. and havent paid EMI for last 6 months as i am jobless now.

1- What will be my rights on the property?

2- Can i sell the property?

3- Havent paid property tax for last 2 years, what are the consequences?

Please advise.

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3 Replies

Bharatkumar (ADVOCATE ) 18 April 2011

U sale your property but u tell the purchaser that i take a bank loan from ABC bank and u inform the bank that i like to sale my property the other person u transfer the loan in new purchaser name if bank and the new pruchaser r agree u sale your property.

Net (Director) 21 April 2011

Thank you for your response, But sir i havent paid, 6 EMIs untill now, and the bank is telling that they will posses the prop and auction it. so is there a way i can give a notice to bank that i cant pay the EMI and will settle once the prop is sold?

Thanks in advance