How to handle delayed payment on a Home loan?

I took a home loan from LIC bank 2 years back and was able to pay the EMIs on time until I got separated with my Wife. I am not able to to pay 5 EMIs however every month have been paying a small amount to the bank. I am jobless now, since 2 months wi... Read More

I took a home loan from LIC bank 2 years back and was able to pay the EMIs on time until I got separated with my Wife. I am not able to to pay 5 EMIs however every month have been paying a small amount to the bank. I am jobless now, since 2 months with medical bills of my Mom who is 60 years now. Now all of sudden I got a call from LIC agent and he said possession letter has been initiated and 18th May I will have to vacant the house. I use to stay far from my home due to the job and these agents use to come to my home and harass my Mom for payments. I am in the process of selling my property and now aggressively looking for customers, how can I ask more time from LIC? Talking to agents is a waste of time. Please advice!
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Answer (1)

Arshi Noor

Arshi Noor

  • Sector-1, Noida

You have to file a case under Debt recovery tribunal within 45 days as possession notice has been shown. There is a limitation of 45 days within which you have to file the case with the court fees including.

READ: Debt Recovery in India - At a Glance

You can speak to our top curated consumer protection lawyer in India who can help you in your matter.

Answered on 10 Jul 2019


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