Took 50 lakhs property loan, paid 1.35crores, still 33lakhs left


This is abhi…
my dad took loan 8yrs back, 50 lakhs loan, where they have given 45lakhs and 5 lakhs for insurance. what ever 50lakhs loan.

What the problem is, mostly we paid the amount for yearly and not monthly. due to ours is seasonal business.

we paid total 1.35crores where the loan amount is 50lakhs and 7yrs completed still 33lakhs left.

even they took 50,000 payment from the loan amount when releasing, saying that that month interest. like that while releasing payment they recovered monthly interest in beginning months only.

we are no more able to pay it. but still the bank is forcing us.

what should we do. its one of the prominent private bank .

any suggestion. unable to understand any thing. we are unable to pay any more.



Hi Abhi,

We are sorry about your situation. You can try some of these solutions.

Rescheduling your debt: After having analysed your financial position, if the bank feels that the quantum of the EMI is what is troubling you, they may be willing to reschedule your debt by extending the loan tenure. That will bring down the monthly EMI commitment, though it will mean more interest outgo in the long-term. However, you should consider the immediate relief it can bring to your current situation. When the tide turns and you are facing better times you can try negotiating with your bank and revert to your old or higher EMI or even prepay your loan. Closing your loan early can help to save excessive interest outgo as long as the bank doesn’t levy a heavy prepayment penalty.

Deferring the payment: If your financial situation is such that there is likely to be a jump in cash flow going, you may seek temporary relief from the bank for a few months. The bank may permit the same but may charge a penalty for not paying within the time frame agreed upon earlier.

One-time settlement: If you express your desire to pay back and notify the bank about your current financial condition, banks may be willing to give you the option of a one-time settlement. Please note that this will be done on a case-to-case basis. This is a good way to get rid of your loan if you have some money. Usually the settlement amount will be lower than the original amount you would have had to pay. i.e. the bank may waive off some amount or charges. If your financial situation is really bad, then you may need to file for bankruptcy to free yourself from the loan commitment.

Conversion of the loan in case of unsecured loans: Banks tend to be stricter as far as unsecured loans are concerned. The borrower could opt for converting the unsecured loan to a secured one by offering a security. This will bring down the rate of interest and thus the EMI burden.

Looking for a Personal Loan? Click here.

BB Expert


till now no further msg from bank. they are just sending notice to pay immediately else they will give to paper for auction.
is there any chance of going to court on this. and how the results will be.
as we paid 3 times more the amount which was taken, tough they gave only 45lakhs.


Hi Abhi,

The best way forward is to speak to your bank. If you don’t and you continue not to pay your EMI, the bank will take the following steps.

A notice will be sent to the borrower u/s 13(2) of the SARFAESI Act. This can be done only after the loan is classified as an NPA as per the guidelines set by the RBI.

The customer will be allowed 60 days, post issuance of the notice, to regularise the account or come forward to settle the account.

If the borrower refuses to pay, then the authorised officer will ask for the physical possession of the mortgaged property by handing over the demand possession notice to the borrower.

The bank shall proceed with the auction of the attached property after 30 days of taking possession of the property. This is in the event, that the customer does not come forward and settle the loan. The bank shall send the customer a letter intimating him about the venue of the sale, indicating date and time of the same.

The bank will consider handing over the possession of the property to the borrower any time after repossession and before concluding the sale transaction of the property, provided the bank dues are cleared in full.

Any excess amount obtained, after adjusting the dues on the loan, will be refunded to the borrower.

Looking for a Personal Loan? Click here.

BB Expert


my property costs 4crores, the loan amount pending was just 35lakhs.
but we r unable to pay any more.
as we paid 3 time the amount taken. and we are unable to pay any more. its too much getting burden. we dont have amount to settle. as we r in tight position.
dont we have any other way to get rid of this situation…?
see from our side also. we paid 3 times the amount taken only 45lakhs and still need to pay 35 lakhs…and already paid 1.35 crores.
is this the way banks treat…?
any solution to get rid…?
please let me know…