Home Loan Borrowers Rights in case of Loan
Nobody wants to be defaulter but situations arise in life when fulfilling the commitment become difficult due to some unforeseen situation and you become a defaulter. At that time you become financially broken. You should always prepare yourself in advance for all the worst scenario. You must aware about the rights of the defaulter. Some of the rights for home loan borrowers are:
Right to have noticed. It is a right in which defaulter has a right to get a notice before starting of a loan recovery process. He/she must get a notice period of 60 days. If within the notice period lender didn't get any response then the lender has a right to take legal action against the borrower.
Defaulter has a right to raise his voice if his property get possessed by the lender and he feels that his property is being undervalued. You can raise the objection and declare the price which you feel reasonable. The borrower has a right to check the Identity card of the collection agents, agents must be authorized by the Indian Institute of Banking and Finance to act as a recovery agent. The borrower also has a right to privacy.
In this right, the agent must not have a right to interact with the family of the defaulter. He must be threatened by any agent if feels that then he can complain against the agents. These are the rights of defaulter which you must know as a defaulter.
Additional Reading:- Home Loan Borrowers Rights in Case of Loan Default
Right to have noticed. It is a right in which defaulter has a right to get a notice before starting of a loan recovery process. He/she must get a notice period of 60 days. If within the notice period lender didn't get any response then the lender has a right to take legal action against the borrower.
Defaulter has a right to raise his voice if his property get possessed by the lender and he feels that his property is being undervalued. You can raise the objection and declare the price which you feel reasonable. The borrower has a right to check the Identity card of the collection agents, agents must be authorized by the Indian Institute of Banking and Finance to act as a recovery agent. The borrower also has a right to privacy.
In this right, the agent must not have a right to interact with the family of the defaulter. He must be threatened by any agent if feels that then he can complain against the agents. These are the rights of defaulter which you must know as a defaulter.
Additional Reading:- Home Loan Borrowers Rights in Case of Loan Default
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