HDFC Home Loans / repayment issues
I am an NRI working in Dubai for a pretty long time.
My parents had some financial crisis back home in Trivandrum, Kerala, India.
Someone had given them an idea of approaching HDFC Home Loans by purchasing a property. They were able to get a loan of 20 Lakhs from HDFC for the property which was not even worth 4 Lakhs then.
This loan was taken on my parents name, me being the primary loan applicant. My parents asked for few documents and informed me they are buying a property for me. Even tough I was not at all interested in the same I had to agree due to the pressure from my parents.
My parents expired 2 yrs after this loan was taken. I was paying the EMI without any default during this period. When my parents expired I came to India and found out the foul play happened.
Now, I am stuck with this loan and property. The value for this property now is not more than 4 lakhs. I tried to sell it but stuck as the Deed Documents carry a value of Rs.22 Lakhs for this property. So I can only sell for 22Lakhs or above, else the Govt Registrar will not validate the sale deed.
I haven't paid the EMI's to HDFC for almost 4 months now and they have been putting a lot of pressure on me. I have asked the collection agent that on what basis have you valued a property which was not even worth 2 lakhs and provided a loan for 20Lakhs. He was not having a proper answer other than "your parents need money so they showed the value high". My next question was, "if someone approaches HDFC with a property worth 1Lakh and apply for 1 Crore will you give". Agent was very furious and told me "I don't want to talk about all these stuff I just need money or else your property will be Recovered thru Govt Revenue Recovery".
My question here to the readers here is :
1. How can I go legally about HDFC providing a loan for property which is not even 10% of the loaned amount ??? HDFC have an internal value assessment dept plus there is an external agency who audit the value given by this dept. Only if they tally with minor differences loans are given out. On what condition did they approve my loan ???
2. If they proceed with Revenue Recovery what are the consequences I will have to face ?? Will I have a deport from UAE to India ???
3. During Revenue Recovery what will be minimum value they have to sell this property ?? (I was told by the agent that they will sell at any value and no one has the right to question them)
4. Can they sell the property lower than 20Lakhs as they and an external agency have confirmed and assessed the property value ??
5. Will I loose my current job/visa in UAE if HDFC files a complaint thru the Indian Embassy here in UAE ??
Appreciate if someone can shed me some light on my issue. I had contacted this HDFC recovery agent this morning and he has given a threatening timeframe of 'within 2 days' to get back to him with my decision on settling this deal.
Thanks in advance. My e-mail ID is email@example.com
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