Vikash Raghuwanshi
Some important points to recover morgage loan are as follows-
1.To recover this loan, the bank can sell someone’s property, the court can intervene in any cases and there is no need for the court at some places, the bank sells the property directly.
2.Before selling the property, a notice is sent by the bank to the property owner, after 3-4 notices, a notice is sent from the court. Once you do not respond to that notice after the court’s notice, then your property is sold.
3.If you do not give the mortgage loan in the right time, then your civil score is reduced, due to which you will never get the loan again in life and you can get into a big problem.
4.If you do not return the loan money, the bank can file a police case against you, first you are given 4-5 notices and 60 days are seen, if you do not contact the bank or do not pay the money, then the bank can file a police case against you.
5.If the person who took the loan dies, in this situation the loan amount has to be paid to the rest of the people of the house and the people of the house do not pay, then their property is auctioned.
6.If the loaned person runs away from home without repaying the loan or runs away from the country, in such a situation, all the money of the loan has to be given to the family members, otherwise your house is confiscated by the bank after 60 days of giving legal notice. and if she wants, she can also sell that property.
7.If the person does not give the loan amount and that amount with interest exceeds the amount of your property, then and if the property of the person taken loan is in a country outside India, then on the order of the Government of India, the bank will sell that property. Like what happened with Nirav Modi
8.For its security to the lending bank, the Parliament had introduced a law in 2002, in which it has been clearly said that if a person is unable to give a loan to the bank, then his property can be confiscated by the bank.