My name is Jayalakshmi, I have taken home loan from ICICI bank in June 2006, at the time of loan disbuestment my loan ROI was 9%, later it went upto a maximum of 12.5
Actually when I have taken this loan the loan amount was 2,278,068/- and now the tenure has extended to 500 months. After paying 54 EMI (Approx 12,24,000/-) I still have to pay EMI for another 25 more yrs. This is really killing me.
I've paid so far 12,24,528 and i still have an outstanding of 21,00,00/- app.
I did not receive any kind of help or response from the bank except asking me to pay the emi.
My life has become very miserable since the day i took the loan and i lost my job now and i think this EMI is not letting me to live.
After discussing all the possibilities with the collection dept manager in Bangalore, i decided to surrender the property to Bank. They had send me a notice now saying they will cease all my account and take some legal action. I dont know what i should do now. Why do they cease my account and what is that they want to take as legal action?
I would like to know what is the better solution for me and how should i handle the bank legally?
Appreciate your immediate reply please to address my issue.
LOAN A\C no: LBBNG00001352177