Home loan default

1) Definitely it shall be a very low price.

2) It may take Three to six months.

3)After adjusting your loan account ,if there is any surplus ,the bank is bound to return.

4) Depending upon your request , the amount may be credited to your account .

5) It shall definitely Adversely effect your credit rating.

It is advisable that you may contact your Banker immediately and request them to allow you to yourself sell the house at market price and get the account adjusted.

1) Definitely it shall be a very low price.

2) It may take Three to six months.

3)After adjusting your loan account ,if there is any surplus ,the bank is bound to return.

4) Depending upon your request , the amount may be credited to your account .

5) It shall definitely Adversely effect your credit rating.

It is advisable that you may contact your Banker immediately and request them to allow you to yourself sell the house at market price and get the account adjusted.

If your wife is a co borrower of home loan then convince her to contribute to pay EMI or you shall loose the property to bank.

If your wife is a not a co borrower or guarantor of home loan then convince her to contribute to pay EMI or you shall loose the property to bank.

However if she is not the borrower/guarantor or has not consented to loan then how come bank has granted loan on jointly owned property?

Since you are apprehensive of loosing the property why don’t you get the market value evaluated from approved valuer and submit to bank under proper acknowledgement and also find a buyer on your own and enter into an agreement with bank for sale of property under home loan by which bank shall recover its entire outstanding an you shall also get better amounts...............?

Property dealers, investors are known to go for such properties........

1. If the said property is mortgaged with the Bank against the loan taken, the Bank will first declare your account as Non Performing Asset i.e. N.P.A to initiate SARFAESI Proceeding. NPA is declared after the EMIs are not paiod for 90 days at a stretch,

2. Bank will return the excess amount to the mortgagor/borrower,

3.& 4. In any form the borrower/mortgagor wishes,

5. Yes, it will effect the credit rating of te borrower. 

Dear Nuvo- If your wife a co- borrower of home loan then convince her to contribute to pay EMI or you shall loose the property to bank.Even if she is not a co-borrower then convince her to contribute for the home loan or else the bank will attach your house and will be put it for auction. 1. If the said property is mortgaged with the Bank against the loan taken, the Bank will first declare your account as Non Performing Asset. NPA is declared after the EMIs are not paiod for 90 days at a stretch. Since you are sceptical of loosing the property you can get the market value evaluated from approved valuer, an expert and attach the document to bank under proper acknowledgement.

2. Yes, the bank will return the excess amount to the mortgagor/borrower,after deducting the remaining home loan.

3.Yes, the remaining amount will be returned to the account from which EMI were being paid basically depends on the mortgagor's wishes - How he wishes the remaining amount.

5. Yes, it will effect the credit rating of the borrower. When you are declared as NPA, you may not be given any further loan on the same bank.
Rutumbhara www.lawkonect.com 09555 507 507

Dear Advocates,

please give me reference cases where reserve price has been set much lower than the amount disbursed as loan after valuation. The auction took place after 6 years of nonpayment of EMI. The loan disbursed was 10lacs and property auctioned (after 6 years) at 5.75 Lacs.

Bank is now behind me to pay the remaining amount to settle the due. Pl give me case references as this is a clear game of the banks 

1. To solve your problem you shall have to be declared as the sole owner of the flat,

2. File an application before the civil court praying for declaration that you are the sole owner of the flat since you have paid and are paying the consideration for buying it and to direct the registrar to register the rectification of deed by making correction of title,

3. After you are declared as the sole owner of the flat, apply to the Bank to remove the name of your wife if she is the co-applicant of the loan,

4. If she is not the co-applicant of tha loan, then submit the rectified copy of the Deed and start paying the EMIs.

Thanks for continous inputs from everyone

@ Mr. Ganguly,

  Your suggestion is the most logical piece of advice to follow...but what I am not clear is about the timeframe for the decision that the court would take to come at a conculsion.Can you please advise on it?

1. No body can predict the time to be taken by the civil court in India to pass judgment,

2. It depends on the load on the Court and also how the opposite party (ies) is/are acting or reacting. It may take  2 to 5 years,

3. In any way you shall have to start the case since it is your only option,

4. Better start it immediately.