Mortgaged Properties,Principal Repaid,Interest Due

Kumar Doab (FIN) 05 September 2016

It shall be better to show all dcos on record to avery able counsel well versed with banking matters for a considered opinion.

Yogita Kukreja 06 September 2016

Hi, As per my understanding, your two properties should have 2 different loans against them. So if the one with 10L amount is cleared with interest, you can get NOC for that property. And as far as the 2nd one is concerned, you need to repay the outstanding interest or bank can reposses and auction it. But here, bank won't take the whole value of that property, it will just collect its outstandings and remaining money needs to be given to you. Also, before auction stage, bank will give you ample amount of notifications and time to repay the outstandings. If you are financially not able to pay the outstandings as of now, you can ask the bank to restructure your loan wherein you'll get increased but here too you'll need to pay some extra amount as an interest on the outstandings.

Yogita Kukreja 06 September 2016

Hi, As per my understanding, your two properties should have 2 different loans against them. So if the one with 10L amount is cleared with interest, you can get NOC for that property. And as far as the 2nd one is concerned, you need to repay the outstanding interest or bank can reposses and auction it. But here, bank won't take the whole value of that property, it will just collect its outstandings and remaining money needs to be given to you. Also, before auction stage, bank will give you ample amount of notifications and time to repay the outstandings. If you are financially not able to pay the outstandings as of now, you can ask the bank to restructure your loan wherein you'll get increased but here too you'll need to pay some extra amount as an interest on the outstandings.

Yogita Kukreja 06 September 2016

Hi, As per my understanding, your two properties should have 2 different loans against them. So if the one with 10L amount is cleared with interest, you can get NOC for that property. And as far as the 2nd one is concerned, you need to repay the outstanding interest or bank can reposses and auction it. But here, bank won't take the whole value of that property, it will just collect its outstandings and remaining money needs to be given to you. Also, before auction stage, bank will give you ample amount of notifications and time to repay the outstandings. If you are financially not able to pay the outstandings as of now, you can ask the bank to restructure your loan wherein you'll get increased but here too you'll need to pay some extra amount as an interest on the outstandings.

Yogita Kukreja 06 September 2016

Hi, As per my understanding, your two properties should have 2 different loans against them. So if the one with 10L amount is cleared with interest, you can get NOC for that property. And as far as the 2nd one is concerned, you need to repay the outstanding interest or bank can reposses and auction it. But here, bank won't take the whole value of that property, it will just collect its outstandings and remaining money needs to be given to you. Also, before auction stage, bank will give you ample amount of notifications and time to repay the outstandings. If you are financially not able to pay the outstandings as of now, you can ask the bank to restructure your loan wherein you'll get increased but here too you'll need to pay some extra amount as an interest on the outstandings.

Yogita Kukreja 06 September 2016

Hi, As per my understanding, your two properties should have 2 different loans against them. So if the one with 10L amount is cleared with interest, you can get NOC for that property. And as far as the 2nd one is concerned, you need to repay the outstanding interest or bank can reposses and auction it. But here, bank won't take the whole value of that property, it will just collect its outstandings and remaining money needs to be given to you. Also, before auction stage, bank will give you ample amount of notifications and time to repay the outstandings. If you are financially not able to pay the outstandings as of now, you can ask the bank to restructure your loan wherein you'll get increased but here too you'll need to pay some extra amount as an interest on the outstandings.

Yogita Kukreja 06 September 2016

Hi, As per my understanding, your two properties should have 2 different loans against them. So if the one with 10L amount is cleared with interest, you can get NOC for that property. And as far as the 2nd one is concerned, you need to repay the outstanding interest or bank can reposses and auction it. But here, bank won't take the whole value of that property, it will just collect its outstandings and remaining money needs to be given to you. Also, before auction stage, bank will give you ample amount of notifications and time to repay the outstandings. If you are financially not able to pay the outstandings as of now, you can ask the bank to restructure your loan wherein you'll get increased but here too you'll need to pay some extra amount as an interest on the outstandings.

Yogita Kukreja 06 September 2016

Hi, As per my understanding, your two properties should have 2 different loans against them. So if the one with 10L amount is cleared with interest, you can get NOC for that property. And as far as the 2nd one is concerned, you need to repay the outstanding interest or bank can reposses and auction it. But here, bank won't take the whole value of that property, it will just collect its outstandings and remaining money needs to be given to you. Also, before auction stage, bank will give you ample amount of notifications and time to repay the outstandings. If you are financially not able to pay the outstandings as of now, you can ask the bank to restructure your loan wherein you'll get increased but here too you'll need to pay some extra amount as an interest on the outstandings.

Yogita Kukreja 06 September 2016

Hi, As per my understanding, your two properties should have 2 different loans against them. So if the one with 10L amount is cleared with interest, you can get NOC for that property. And as far as the 2nd one is concerned, you need to repay the outstanding interest or bank can reposses and auction it. But here, bank won't take the whole value of that property, it will just collect its outstandings and remaining money needs to be given to you. Also, before auction stage, bank will give you ample amount of notifications and time to repay the outstandings. If you are financially not able to pay the outstandings as of now, you can ask the bank to restructure your loan wherein you'll get increased but here too you'll need to pay some extra amount as an interest on the outstandings.

m agarwal 08 September 2016

Thanks mam for the reply.

Mam, It's for a single loan, in which my 2 properties are mortgaged. Interest Amount remaining is only 8 lakhs. Principal will be paid within due date. is it not possible to get the NOC for 10 lakh property. and keep the major property mortgaged. as i need to sell the 10 lakh property immediately to arrange repayment funds.

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