Sir/ Ma'am,I have taken a house Mortgage loan of 4800000 ? a nd due to financial issue i have not paid emi for 18 month but I so far paid ? 3500000 & my loan term is for 13years,I took it in 2018.still 8 years r left Now I got an news through my son that the Bank is coming to put seal to my house which I am staying & ACT of SURFACESI LAW. PLEASE GUIDE ME HOW TO SAVE MY ONLY ???? +91 XXXXXXXXXX. I am on WhatsApp also.
The mortgage loan might have turned as an NPA since you have not paid EMI for 18 months. The loan account must be attracting penal interest and other applicable charges thereby soaring the outstanding. You have repaid Rs.35 lakhs. If you are paying atleast some amount, though not the full EMI, it is an indication that you are not a willful defaulter. The bank has every right to recover the loan by selling the mortgaged property, but it will be only after serving a legal notice. Some other legal procedure is also there. Since this is your only home, I would suggest as under .. 1. If you have atleast some income, a part of which you can spare for repayment of the loan, you may request the bank to reschedule the payment of EMI. 2. Every bank has a credit counsellor as per guidelines from the Reserve Bank of India. You may approach such person of your bank and particularly highlight the fact that you have repaid a sizeable loan amount and you have the intention to repay the loan. 3. You may explore to sell some other assets like gold ornaments, etc., to reduce the burden. If you have insurance policy, you may take a loan against the same at a cheaper interest rate. 4. If the market value of your home is more than the outstanding, please check whether you can buy a smaller home out of the balance proceeds and negotiate with the bank accordingly. For any further clarification, you may approach us in person with prior appointment. You can call the landline nos of Moneylife Foundation for an appointment - (022) 35131664 or (022) 35036925.
Our Experts

Shirish Shanbhag Shirish Shanbhag has an MSc in Organic Chemistry, Diploma in Higher Education, a Diploma in a French and has completed his LL.B. in first class, in 2021. Before his retirement, he was a junior college teacher at Patkar College from July 1980 to May 2012, where he taught theoretical and practical chemistry. Post retirement in 2012, he started providing guidance and counseling to people on several issues, with a specific focus on co-operative housing society related matters. Adv Shanbhag has a kee

AV Shenoy AV Shenoy hold degrees in both Mechanical and Electrical Engineering from VJTI, University of Bombay and a Post Graduate Diploma in Industrial Management from Jamnalal Bajaj Institute of Management Studies. Worked as a Design Engineer in Electrical Business Group of Larsen & Toubro Ltd. at Powai from October 1969 to September 2001 and retired as Dy. General Manager. Also worked as a Facilitator/Trainer for implementation of Total Quality Management (TQM) and ISO 9000 in the organization. Since r

Abhay Datar Abhay Datar is a consumer activist. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of Mumbai Grahak Panchayat (MGP) in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related with mobile banking frauds and mediclaim. He was a Member of the Managing Committee of MGP till March 2021.

Shailesh Gandhi Shailesh Gandhi is a former Central Information Commissioner for the Right to Information Act. He is a successful RTI activist and a regular speaker at Moneylife Foundation.

Dr Rajendra Ganatra Dr Rajendra M Ganatra, was a banker for two decades and is now a registered Insolvency Resolution Professional, restructuring consultant and visiting faculty for MBA. He has more three decades of experience in project finance, asset reconstruction and financial restructuring. He is a Registered Insolvency Professional and has been the former MD & CEO of India SME Asset Reconstruction Co. Limited

Samir Zaveri An extraordinary activist who has dedicated his life to the cause of railways, with a mission to help every rail commuter and accident victims, and improve Railway safety.

Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on legal, RTI, and consumer issues

Sucheta Dalal Trustee - Moneylife Foundation

NOTE
Please do not share in your query any personal details like name, mobile number, email ID, address, bank account or other account details.

To ask a question

Please
Sign Up or Sign In
with
than you