Unable to repay Education loan due to terminal illness of parent
I graduated in 2012 as an Engineer with a debt of education loan of about 7 lakhs. I got a job in 6 months from my graduation but my father got a terminal illness and retired to bed. This made earn for my family of 4 where everyone was dependent on me. I tried to pay about 90,000 towards the education loan but thereafter, my industry suffered a crisis and I was demoted at my job with half the salary. This made it impossible for me to continue with the EMI i had started. And i had to withdraw the payment completely since bank said they will not agree on a lesser value of EMI. I have a property mortgaged by my guarantor against this loan. The property evaluation is about 12 lakhs at the time of mortgage. Now the bank has continuously added interest to the loan amount and they say now i have to pay an outstanding of 11.5 lakhs. Plus the recovery agents constantly call me, my friends as well as professors from my university saying that they have blacklisted me and I will face trouble in any bank in India. I have again requested them to take a minimal EMI that I can afford at this stage but they refuse to do so!! Please help me understand the best legal and practical solution to sort this out.