What is dispute case all about? Due to improper repayment I have got a notice against my property?
My father has taken a loan during 2003-04 of amount 3.5L from a cooperative society in bhubaneswar and could repay 70000 approx, due to financial crisis he couldn't continue and the tenure was of 10 years. Now the amount to be re-payed is about 12.5L with interest compounded.As my father is physically ill,i am willing to repay but only principal plus some interest not the compounded. I have been paying some so called LIC amount which is yearly 3600 as they said. I have given several attempts going for OTS, even I have written letter which the manager agreed to help me but he said I have to pay 7.5L at least, buy at the end there is no result.There is high chances of looting the amount as they say that would not give my"kabala" ,home papers back even of I repay the while amount and they ask money for there expense as well.
Now the dispute case has started I just want to know how can I resolve this and save my home from being captured by them.
It would be a great help if I could get a permanent solution legally.
Asked 4 years ago in Property Law
My loan was taken for the revamp and extension of my house, it's not a mortgage loan. What would be the consequences from the corporation if my unsecured loan or the dispute case is not addressed by me or we won't proceed further?? Can they sell my house and get their money?? I don't want to leave any choice as the valuation of my house now is around 60L
Asked 4 years ago