[URGENT HELP NEEDED]

@kukdookoo @xxxyyyzzz @guest_999

Tanmayyy wrote:

@kukdookoo @xxxyyyzzz @guest_999

@Siddhartha07

Nbfc aahh…they are looters…
He should ask bank manager/representative for negotiation ..
He should meet som lawyer for better assistance.

kartikxxx wrote:

Nbfc aahh…they are looters…
He should ask bank manager/representative for negotiation ..
He should meet som lawyer for better assistance.

He tried negotiating but they are denying any and all help. The lawyer we know is currently not in Delhi and will be coming back on Wednesday so we want to get as much help/knowledge as possible till then.

Broo..i can feel youu…. Indiabulls is doing samee shit!! I don’t think there is much we can do on this. I am not knowledgeable on all these but What I am planning is to take LAP for x amount from a normal bank (Idk exact term called but these axis kotak etc) & pre pay these Indiabulls loan & close this shit once & for all.

masumshah59838 wrote:

Broo..i can feel youu…. Indiabulls is doing samee shit!! I don’t think there is much we can do on this. I am not knowledgeable on all these but What I am planning is to take LAP for x amount from a normal bank (Idk exact term called but these axis kotak etc) & pre pay these Indiabulls loan & close this shit once & for all.

My friend had a loan wid AU bank, after same kind of shit, he cleared all his dues in one shot and get himself rid of these looters.

kartikxxx wrote:

My friend had a loan wid AU bank, after same kind of shit, he cleared all his dues in one shot and get himself rid of these looters.

In our case , he will not be able to clear all the dues in one go. Is there any other thing he could do?

kartikxxx wrote:

My friend had a loan wid AU bank, after same kind of shit, he cleared all his dues in one shot and get himself rid of these looters.

Is AU NBFC? Yes that’s the best thing. He might have funds to clear it off.. I am taking loan of lower % int to pay off these NBFC of higher % int !!

masumshah59838 wrote:

Is AU NBFC? Yes that’s the best thing. He might have funds to clear it off.. I am taking loan of lower % int to pay off these NBFC of higher % int !!

Are you able to take LAP on the same property? (Stupid question , but still asking)

Can the rbi ombudsman be of any help in this case?

Tanmayyy wrote:

Can the rbi ombudsman be of any help in this case?

Rbi is blind, they do any help..but give it a try.

I have no much understanding of the moratorium but letting people take that last year or so did not ever mean they are exempt from paying and interest is still stacked. I think there were many opinions online as to why the moratorium should not be availed if possible.

rak007 wrote:

I have no much understanding of the moratorium but letting people take that last year or so did not ever mean they are exempt from paying and interest is still stacked. I think there were many opinions online as to why the moratorium should not be availed if possible.

I understand but his situation last year was not good so he wouldn’t have been able to pay those emis anyways. But making that amount 5 times it’s actual amount is senseless.

Tanmayyy wrote:

@kukdookoo @xxxyyyzzz @guest_999

they can legally do this and can reverse the same with some pressure too

- approach their nodal office

- what type of loan is this?

- approach a bank for transfer of loan. meanwhile tell iifc that you need current statements and tell them you need a foreclosure letter (it does not matter whether he can pay them or not, just ask for this document) along with lod letter

- share amortization table after deleting personal details

Mine is different case but we ended up paying 2.5 EMI extra. We had a Business loan of 20 Lacs in SCB and we took moratorium for 3 months. We had pending EMI of 12 months but ended up paying 2 extra EMIs and then again got mail that we had to pay interest which again worked out to around 46k (EMI was 1.05lacs). So, a loot of around 2 Lacs for 3 months moratorium.

Fight with them coz what you are saying is totally unacceptable. Approach RBI with good lawyer, you should be able to negotiate.

26 lakhs!!! Arey they kidding??? I am tagging some people, who might shed some light in this matter.

@Sudarshan61 @panchabhut @andromeda @LightYagami @Chudiya @phoenix1386 @CA.MAYANK.KOTHARI @Awake @BubbleBoyChickenLittle

bikidas2060 wrote:

26 lakhs!!! Arey they kidding??? I am tagging some people, who might shed some light in this matter.

@Sudarshan61 @panchabhut @andromeda @LightYagami @Chudiya @phoenix1386 @CA.MAYANK.KOTHARI @Awake @BubbleBoyChickenLittle

Thanks bro , appreciate the help

kukdookoo wrote:

they can legally do this and can reverse the same with some pressure too

- approach their nodal office

- what type of loan is this?

- approach a bank for transfer of loan. meanwhile tell iifc that you need current statements and tell them you need a foreclosure letter (it does not matter whether he can pay them or not, just ask for this document) along with lod letter

- share amortization table after deleting personal details

It’s a a loan against property bro. Will they be willing to give foreclosure letter even though he can’t pay them the dues to forclose? What is lod letter? Is it really possible to transfer loan against property to another bank?

cashif wrote:

Mine is different case but we ended up paying 2.5 EMI extra. We had a Business loan of 20 Lacs in SCB and we took moratorium for 3 months. We had pending EMI of 12 months but ended up paying 2 extra EMIs and then again got mail that we had to pay interest which again worked out to around 46k (EMI was 1.05lacs). So, a loot of around 2 Lacs for 3 months moratorium.

Fight with them coz what you are saying is totally unacceptable. Approach RBI with good lawyer, you should be able to negotiate.

Were you able to negotiate with scb for your case? Did they provide atleast any kind of relief or help?

Tanmayyy wrote:

It’s a a loan against property bro. Will they be willing to give foreclosure letter even though he can’t pay them the dues to forclose? What is lod letter? Is it really possible to transfer loan against property to another bank?

Will they be willing to give foreclosure letter even though he can’t pay
them the dues to forclose?
asking for the letter is ur right. issuing a letter does not mean that you will have to pay for it. it will have foreclosure amount and everything.

What is lod letter?
list of documents

Is it really possible to transfer loan against property to another bank?
yes but you must know someone in the bank for a smooth transfer.

kukdookoo wrote:

Will they be willing to give foreclosure letter even though he can’t pay
them the dues to forclose?
asking for the letter is ur right. issuing a letter does not mean that you will have to pay for it. it will have foreclosure amount and everything.

What is lod letter?
list of documents

Is it really possible to transfer loan against property to another bank?
yes but you must know someone in the bank for a smooth transfer.

Will the next bank also charge the current interest rate(17%) or will they assess the loan and decide their own interest rate which will hopefully be lower than 17%?

 Whether you opt for tenure extension or a moratorium on EMI or principal repayment it will result in overall higher interest outgo. This is because a lesser or no principal repayment during the moratorium or extended period will lead to higher outstanding for a longer period. Therefore, the interest that is charged on this higher outstanding will be higher.(What was previous rate before hiked to 17.5%?)

The only way you can minimise the additional interest payment is that you should have served at least the interest during the short moratorium and restructure the loan in such a way that it gets repaid within the original tenure.

Transfer loan to some other bank like axis to reduce roi… There current roi is 6.75 % on home loans

Tanmayyy wrote:

Nope, they did not help. SCB said that the loan team is different and that we have to approach thru phone. During this duration of around 10-15 days when I was contacting them thru email, they charged

Nope, they did not help. SCB said that the loan team is different and that we have to approach thru phone. During this duration of around 10-15 days when I was contacting them thru email, the interest was increased by around 3k. So just paid whatever they said as I didn’t want to drag further.

Chudiya wrote:

 Whether you opt for tenure extension or a moratorium on EMI or principal repayment it will result in overall higher interest outgo. This is because a lesser or no principal repayment during the moratorium or extended period will lead to higher outstanding for a longer period. Therefore, the interest that is charged on this higher outstanding will be higher.(What was previous rate before hiked to 17.5%?)

The only way you can minimise the additional interest payment is that you should have served at least the interest during the short moratorium and restructure the loan in such a way that it gets repaid within the original tenure.

So is there anything that can be done?

abcdpvk872 wrote:

Transfer loan to some other bank like axis to reduce roi… There current roi is 6.75 % on home loans

It’s a loan against property bro , not a home loan

Tanmayyy wrote:

So is there anything that can be done?

Best bet is transferring the loan to another NBFC or bank, mind you  you need to factor in charges such as processing fees, penalties, MoD charges, legal charges etc. to get an estimate of how much you will save but I’m guessing still it would be less than the current 5 times of principal.

Please to seek the advice of a financial planner in this case since we’re commenting here based on circumstantial evidence you presented. Do find out from your family member the original terms of the loan and ROI, also their credit history(CIBIL etc.) since that factors a huge part in their risk assessment from any lenders perspective.

If you are ready to take a hit on CIBIL, do dm me
I will tell you a way

Tanmayyy wrote:

Will the next bank also charge the current interest rate(17%) or will they assess the loan and decide their own interest rate which will hopefully be lower than 17%?

22g it depends how well do u know them. a person here was paying 14% to tata housing i guess. icici offered 9%. he found someone who was friends with the manager of a icici branch. his deal became final at 8.50% with no documentation fee.
just ask for the foreclosure/outstanding letter from your nbfc.