Unable to repay loan? Here are rights you have as a defaulter

A call from the lender or the visit of a recovery agent is every borrower’s worst nightmare. Already reeling under financial stress, the individual has to face the humiliation heaped on him by the lender’s agents. However, even if a borrower defaults, he does not surrender his rights to the asset or to fair treatment. Lenders have to follow the due process while initiating proceedings to recover their dues. Here are your rights as a borrower.

Privacy of borrower

Lenders sometimes engage recovery agents to coerce borrowers to repay their loans. The borrower’s privacy is to be respected. These agents can contact the borrower at a place specified by him. If not specified, they can contact him either at his home or workplace.

They can visit him between 7 am and 7 pm or at any time specified by him. A recovery agent cannot discuss the details of the case with any other person, unless the borrower has given permission to do so.

Decorum and decent behaviour

The agents cannot cross the line that banks have agreed upon as part of their code of commitment to customers. They cannot violate norms of decency and civil behaviour during these visits. If an agent intimidates or humiliates the borrower or his family, the latter can fi le a complaint.

Must get adequate notice

In case of secured loans, the underlying mortgaged assets can be repossessed by the lenders under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests (Sarfaesi) Act. However, the lender must give adequate notice to the borrower. A loan is classified as a non-performing asset (NPA) if the repayment is 90 days overdue. In such cases, the lender has to first issue a 60-day notice to the defaulter. If the borro ..

Assets must be fairly valued

Before selling the assets, the lender has to issue a notice specifying the fair value of the asset, along with the reserve price, date and the time of auction. The asset value is arrived at by the valuers of the bank. If the borrower feels the asset is being undervalued, he can contest the auction. He can also get a buyer who is willing to buy the asset from the lender at the fair price.

Further, We are also professional real estate consultant having experience of more than decade & half and can assist in entire process related to PROPERTY IN INDIA and can be a complete one stop solution of above discussed various procedures and even assist in getting following services with our collaboration with very experienced legal advisers to conclude any such transaction smoothly.

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it requires extensive research and experience to choose best available option at the given time as opportunity always keep changing.  in this case, we can assist prospective buyer in 2 ways: 

Option 1) Pure consultancy on fixed fee basis: in this way, we will assist buyer to find best project and property as per his preferences & budget as buyer may already reached to builder & negotiating so we can not be paid by builder so in this case fixed fee will be charged to buyer in advance before giving the consultancy then buyer can directly approach to builder to finalize the property. 

Option 2)  We involved as a Brokering company: in this way, prospective buyer will visit through us to each project and we will be registered reprsentative with builder for buyer so in this case, buyer has to pay nothing for our same consultancy services which we were giving in above option 1, even we will refund fee which we receive from buyer for option 1.  

ADDITIONAL CONSULTANCY SERVICES:

• PREPARING REPORT OF ALL RESIDENTIAL / COMMERCIAL PROJECTS IN SPECIFIC LOCATION OF MUMBAI OR PUNE CITY & ADVISING/ASSISTING INDEPANDENTLY TO PURCHASE BEST PROJECT FOR ENDUSE OR INVESTMENT. 
• helping missing property documents index2, purchase/sale agreements in PUNE city only.
•  PAN card for any NRI / PIO without visiting India, 
•  Assistance in reducing TDS on sale of property legally (ENTIRE INDIA) 
•  Will & GIFT DEED (Mumbai, Pune & other major cities of Maharashtra state)

hope able to explain our point of view, still any query, please contact anytime on given contact number for detailed Discussion, cell no./whatsapp # +91-9822052388 / +91-7498829332, Email: deepaksundrani@thegururalty.com. 

There are many Advantages & Benefits to hire professional consultant which can be experienced only after hiring right person.

Rest assuring here that we work very ethically, honestly and professionally and for us, our client interest is utmost and foremost then anything else. We have already successfully assisted many NRI’s, EXPATS INVESTORS & LOCALITIES to purchase property in both Mumbai & Pune cities as per their requirements & preferences and most of them are with us to manage their properties through us only so one can judge the level of trust & integrity we have in our work & services.  

Thank you very much for reading my article as here intention is to share information and enhance knowledge for each & everyone for the betterment & provide more transparency in real estate sector.

wishing everyone good health and happyness.

Warm Regards,

Deepak Sundrani