we, I and my husband had taken loan from Sahyadri nagari shakari patsamstha, pune . It was a housing loan. we were unable to pay installments after some months.,the bank got a japti right from civil court. When it went to take possession of the property, it came to know after 2 days that it had litigation from IT dept. so, the bank could not recover its money. after 2 yrs., bank contacted us and we started paying them instalments. Before 10 months, they called my husband for settlement and it was settled in 7 lacs put of which 2,25,000/- were paid and my husband expired and I was unable to pay them big amount instalments and I agreed to pay whatever will be possible. I paid 10,000/- in 2 months. then I received insurance money and the bank attched my account. what shall I do to recover my money? Can bank attach my A/c? Is it not bank,s fault to issue a loan without proper title search? pls.give me advice as early as possible. I have only that money's support for my life. I do not have any other support.pls. help me out?
Asked in Civil Law from Pune, Maharashtra
Once you have agreed to pay settled amount then you can not challenge bank's role in verifying property properly before sanctioning loan.Better talk to senior officers of the bank and get extended period or lesser amount .They can not attach your account without court order.
Advocate, New Delhi
1. You had taken the loan alongwith your husband from the said Bank,
2. It is your duty to refund the amount since it is public money,
3. You have already made settlement which you could not honour due to your husband's demise,
4. The Bank has the right to attach your account bto recover its dues,
5. Try to settle the matter with the Bank amicably.
1) joint loan was taken by you and your husband .
2) you failed to pay installments then entered into consent terms for payment of Rs 7 lakhs , only part payment has been made .
3) on your husband death you have failed to pay EMI as agreed upon . bank has right to attach your account for repayment of its dues .
4) arrive at an amicable settlement with the bank