Dear All,
My cousin has availed a housing loan from ICICI bank in the month of March 2008 from ICICI bank LTD. The loan amount was 21 lakhs with a tenure of 240 months (20 years). He has paid EMIs for 22 months continuously after taking the loan, after which he stopped paying due to some personal financial crisis. So, I have the following questions. He has not yet received any legal notices yet, (stopped payment from last 5 months), now the legal cell has intimated him about issuing a "loan recal notice"
1. What could be consequences of the Loan Recal Notice.
2. He is not willing to pay any further EMIs and he would like to request the bank to acquire the property. (he is willing to forfeit all the EMIs paid so far).......how far is this option possible.
3. he is working in the same company where he has applied for the housing loan, is there any possibility for the bank to attach the EMIs to his salary account.
4. What other options does he have to close the loan (he is in severe financial crisis and may not be in a position to pay further EMIs)
any help would be highly appreciated.
thanks,
