SRINUGANLA
New Member
I have taken a loan of 11 lakhs from state bank of Hyderabad two years back on my property of Rice mill and its shed which is worth of twenty lakhs. Today the loan has become twenty lakhs including the interest. I have completed my masters and right now in OPT period, but i did not get any job yet, so i am not in a position to pay the loan. Even though the property is solely in my name, due to family issues i am not able to sell the property, but i personally have no problem if the bank wants to sell the property. Recently the bank has warned us that the property will be put for auction and they are selling it for a very low price. The bank has told us that they will keep other properties in my name also for auction for the balance loan money left after selling this property, which i have not kept as assurance while i took the loan. the only property on which i took the loan was the rice mill.... can they do this?...so my problem is....
is it legal for them to take other properties of mine and auction them if their amount is not got by selling the primary property?
Another problem...
The bank manager had warned me that he is going to send a letter to the United States Embassy regarding the delay in payment. Can he do that? and if he can how will it effect my visa status here? what will the consequences be?
what do i need to do?.....i don't mind the bank taking the rice mill on which i took the loan, but i don't want them to take other properties too. please help me.....
Thank you
Srinu ganla
is it legal for them to take other properties of mine and auction them if their amount is not got by selling the primary property?
Another problem...
The bank manager had warned me that he is going to send a letter to the United States Embassy regarding the delay in payment. Can he do that? and if he can how will it effect my visa status here? what will the consequences be?
what do i need to do?.....i don't mind the bank taking the rice mill on which i took the loan, but i don't want them to take other properties too. please help me.....
Thank you
Srinu ganla