Back in 2002, I took out a home loan. Due to tough economic times, I couldn’t keep up with the monthly payments. The bank unfortunately had to sell my house at auction, fetching a lower price than I paid. I wasn’t present at the auction. Now, two years later, the bank is asking me to pay the remaining amount with interest. The debt recovery manager suggested I write to them explaining my financial situation and offering to pay what I can afford. Is this the right approach to get a clearance certificate from the bank for the loan?

Apni Law
Apni Law
Law Forum › Category: Property › Back in 2002, I took out a home loan. Due to tough economic times, I couldn’t keep up with the monthly payments. The bank unfortunately had to sell my house at auction, fetching a lower price than I paid. I wasn’t present at the auction. Now, two years later, the bank is asking me to pay the remaining amount with interest. The debt recovery manager suggested I write to them explaining my financial situation and offering to pay what I can afford. Is this the right approach to get a clearance certificate from the bank for the loan?
Vote Up
408
Vote Down
Apni Law Staff asked 2 years ago

Back in 2002, I took out a home loan. Due to tough economic times, I couldn’t keep up with the monthly payments. The bank unfortunately had to sell my house at auction, fetching a lower price than I paid. I wasn’t present at the auction. Now, two years later, the bank is asking me to pay the remaining amount with interest. The debt recovery manager suggested I write to them explaining my financial situation and offering to pay what I can afford. Is this the right approach to get a clearance certificate from the bank for the loan?

1 Answers
Vote Up
19
Vote Down

Best Answer

Apni Law Staff answered 2 years ago

You can attempt to negotiate a settlement with the bank by explaining your situation and offering a payment plan. However, the bank is not legally obligated to accept this offer. A clearance certificate is issued only when the full amount due is paid.

You Might Also Like

Dear Sir/Madam, My husband owns a property in Bangalore that we’ve been working on together. While it’s not an ancestral property, I’ve contributed significantly to its success without receiving any formal recognition. Could you advise on how I can secure my rightful share in this property?

My father passed away in 1993 without leaving a will. The property remains in his name. My mother passed away a year and a half ago, leaving a small, unregistered will. I have two sisters, one demanding an equal share of the property. The other hasn’t voiced her opinion yet. The property is on a long lease of 99 years, part of a flood-affected society established in the 1970s. My sister is aggressively seeking control of the property. What are the possible outcomes in this situation? How can we navigate this legally?

My neighbor’s association in Janak Puri’s B-3A block, a smaller complex, is challenging the registration of our larger association in court. They argue their building should have more power because it’s governed by the Apartment Act. Can a smaller association really overrule a bigger one like ours? This seems unfair, especially since our association was registered first.

My mother was born in 1985. Our grandfather passed away in 1995, leaving behind property that he inherited from his father. He had gifted half the property to his daughters, my aunts. There are four sisters and five brothers in the family, with my mother being the eldest. Recently, my uncles divided the remaining land, but they haven’t given any share to my aunts, including my mother. This land is worth crores and is now only 1.5 acres. My grandfather didn’t leave a will, and my mother is battling cancer. My aunts are struggling financially, and we are worried about their future. They are asking for their rightful share, but my uncles are refusing, saying they might give 1-2 plots after 10 years. What legal options do we have to ensure my mother and aunts get their fair share of the property?

Our home loan application is facing delays because the seller hasn’t provided the necessary documents. The property title is still not registered in their name, and they haven’t obtained plan approval for the top floor extension. Their name is also missing from the surveyor’s records. We asked the seller to renew the agreement, but they’re demanding an additional ₹15 lakh. We already paid them ₹10 lakh as an advance during the initial agreement.

Share This Article
Previous Article My grandfather rented out a shop in our house 17 years ago. The tenant stopped paying rent after his death, and they’ve been subletting the shop to someone else. We’re struggling to make ends meet, and my father and brother are unemployed. We desperately need the shop back for our livelihood. What are our chances of getting it back, and what steps should we take?
Next Article My sister-in-law filed a false dowry harassment case (498) against 8 of our family members. We appealed in the High Court to dismiss the case, and they removed 3 names, leaving 5. Now, the case is in the trial court. Can we file a discharge application to remove my siblings’ names from the case with proper evidence? How long would it take?

Follow US

Find US on Social Medias
Popular News
- Advertisement -
- Advertisement -
Ad imageAd image

📢 Stay Connected!

Join our community on Telegram and WhatsApp for instant updates, news, and exclusive offers.