Question

if some one take a loan from a bank and if they do not pay it back then what would happen

Answer 1

Answer:

The bank will not get the money back.

Answer 2

The borrower's account is classified as a non-performing asset (NPA) if the repayment is overdue by 90 days. In such cases, the lender has to first issue a 60-day notice to the defaulter. “If the borrower fails to repay within the notice period, the bank can go ahead with sale of assets.

When dues are not paid for more than 90 days. After this, bank will have to issue you a '60 day notice' under SARFAESI Act. In this notice period, the loan defaulter can payback the dues and close the case. ... In case of home loan, collateral will be a residential property.