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What steps are to be taken if i Got a notice under SARFAESI act
20-Jul-2023 (In Banking / Finance Law)
For a 20yr housing loan,I have paid 4 year and 5 emis pending now.Bank issued notice to recover property within 2 months if remaining principal unpaid.To avoid recovery,they are saying to pay up all pending emis within a month. It's a high value loan.I lost my job and hence not able to pay now. I was paying regularly when I had job and even after job loss, I was borrowing and paying but now exhausted all limits. Need ur assistance to know what steps could be taken to get a 6 months moratorium or any other relief measures and to avoid loss of property. Awaiting ur reply, thankyou in advance
Since you have defaulted for long time, bank may anytime can attach your property after declaring your loan account as no performing assets. You need to consult immediately with lawyer and take appropriate steps.
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Dear sir, under the if u failed to pay 3 emi, ur account becomes NPA and bank can start recovery under securitisation act. There is no solution to stop this process and u hv to clear pending instalments. It's good that bank is willing to accept pending instalments. You should try your best to clear it. After NPA there will be demand notice for 60 days which will be followed by possession notice. After formal possession you can approach Debt Recovery Tribunal for stay and you can offer to clear installments. However it would be prerogative of bank to accept pending emi at that stage
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Adv. Sunil Kadam
Mumbai | 100+ Answers
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ur defaulter therefore bank against u for recovery of loan amount.
u have reply notice of bank.
and u have apply before court for grant of stay.
in this proceeding u have time to pay ur loan amount.
u demanding ur loan statements and
u engage expert for calculate ur loan and interest amount . actually bank claiming principal loan amount.
u have reply notice of bank.
and u have apply before court for grant of stay.
in this proceeding u have time to pay ur loan amount.
u demanding ur loan statements and
u engage expert for calculate ur loan and interest amount . actually bank claiming principal loan amount.
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Adv. Nilesh Y Thengre
Nagpur | 100+ Answers
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