WITHOUT PREJUDICE
Date: 7 April 2026
Place: Ludhiana
FROM
Rahul Deshmukh
X
Mobile: X
Email: X
PAN: ABCDE1234F
TO
The Branch Manager
State Bank of India
Model Town Branch, Ludhiana
X
Email: X
SUBJECT: LOAN ACCOUNT NO. X - Home Loan in the name of Rahul Deshmukh - PROPOSAL FOR ONE-TIME SETTLEMENT
Sir / Madam,
- 1. I am the borrower in the Home Loan account bearing account number X, serviced through your Model Town Branch, Ludhiana office. The account is held jointly with X as co-borrower. In this letter, "the Lender" means State Bank of India. I write to place before the Lender a proposal for a one-time settlement of this account, and I request that it be put before the authority competent to decide it under the Lender's board-approved settlement policy, framed in terms of the Reserve Bank of India (Framework for Compromise Settlements and Technical Write-offs) Directions, 2023 dated 8 June 2023, or the equivalent policy applicable to the Lender.
- 2. Particulars of the account.
Borrower: Rahul Deshmukh
Co-borrower: X
Guarantor: X
Facility: Home Loan
Loan account number: X
Date of sanction: 1 April 2026
Amount sanctioned: ₹25,000 (Rupees Twenty Five Thousand only)
Total repaid by me to date: ₹25,000 (Rupees Twenty Five Thousand only)
Dues as on 2 April 2026, as per the Lender's records:
Principal outstanding: ₹25,000 (Rupees Twenty Five Thousand only)
Interest outstanding: ₹25,000 (Rupees Twenty Five Thousand only)
Other charges: ₹25,000 (Rupees Twenty Five Thousand only)
Total claimed: ₹25,000 (Rupees Twenty Five Thousand only)
Security held by the Lender: Equitable mortgage by deposit of title deeds of Flat No. 402, Shreeram Residency, Model Town, Ludhiana 141002. The Lender holds the original registered sale deed dated 12 March 2018, the jamabandi extract and the original share certificate.
- 3. Repayment record and default. I serviced this account until 3 April 2026, when I missed the first instalment. I understand the account was classified as a Non-Performing Asset on 4 April 2026. The recovery steps taken by the Lender so far, as known to me, are these: A demand notice under section 13(2) of the SARFAESI Act, 2002 dated 4 January 2025 for Rs. 41,80,000, and a possession notice under section 13(4) affixed on the property on 19 May 2025. I have also received a notice dated 2 February 2025 under section 138 of the Negotiable Instruments Act, 1881 in respect of a cheque of Rs. 34,000. Pending consideration of this proposal, I request that no further step be taken in those proceedings. I also request that I be informed of the last date on which I may redeem the security under section 13(8) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, where that Act applies to the steps taken. I do not dispute that the account is in default. What I am not in a position to do is pay the full amount claimed.