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I have a loan of ₹25 lakh on a property that was owned by my father. My father passed away in 2021 during COVID and failed to repay the loan. Now, the bank is looking to take physical possession of the property, with an outstanding amount of around ₹30 lakh. My married sister has filed a partition suit in the local court against my mother, brother, and me. The Tahasildar has issued two notices for physical possession, but the bank was unable to take possession due to a lack of police protection once and election duty of the circle officer. I am still financially unable to close the loan and need time to repay. What remedies are available? Will the partition deed be decided first for the mortgaged property after my father’s death? Should I go to the DRT or High Court? Will an OTS work, and what might be the minimum amount? What is the best relief available in this situation?
Sir, you can negotiate with the bank for an OTS (One-Time Settlement) or extended repayment plan. Approach the Debt Recovery Tribunal (DRT) for a more manageable resolution, as it specializes in loan recovery. The partition suit will not override the bank’s mortgage rights, but it may delay possession. Consult a banking lawyer to negotiate terms with the bank and explore the best options for your financial and legal situation. For further legal assistance contact us on our helpline number.
Sir, you can negotiate with the bank for an OTS (One-Time Settlement) or extended repayment plan. Approach the Debt Recovery Tribunal (DRT) for a more manageable resolution, as it specializes in loan recovery. The partition suit will not override the bank’s mortgage rights, but it may delay possession. Consult a banking lawyer to negotiate terms with the bank and explore the best options for your financial and legal situation. For further legal assistance contact us on our helpline number.