quesDefaulted to pay the EMI's of my Housing Loan

I had a housing loan running on me in the year 2000. During this period, due to recession, I defaulted to pay the EMI's of the same loan. The bank then dispersed my house and put it up for auction and sold it to a single bidder. The house was sold at a lesser value than what it was bought for. I was not there at the time of the auction.

Now after 2 years the bank is sending me intimations asking me to pay the remaining amount with interest till date. After talking to the bank's debt recovery manager, he advised me to just put a mail saying that I can pay an affordable amount since I am facing financial problems till date. Is this will be the right way to get an no due certificate from the bank regarding the loan?

  • ansYou need to be sure whether the Bank sent you notice u/s 13(2) and then u/s 13(4) of SARFAESI Act or not. Without sending or affixing these notices the Bank can not proceed to attach and then auction the flat.

    In addition to this before making the auction the bank is obliged to make a paper publication as well. If these conditions were not fulfilled you can file a case to set aside the sale. The bank is obliged to recover the NPA amount only, nothing more that that.

    If you lack these information then ask for these details from Bank. If the refuses to inform you then send them an RTI notice.

  • Send a legal notice to builder for delay in construction @ Rs. 1999/- only

    Know More
  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Property Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Consult best Property lawyers in India

Similar questions

Myself and my brother acquired undivided equal share of residential property through will deed. I…
A land in the name of elder son' s wife. House build by me after…
Hello Sir, I am planning to take house on lease for 3 years for Rs.…
I am going to buy a flat in Pune. The builder has registered the GPA…

Property Lawyers in India

Advocate Arjun Vinod Bobde

  Supreme Court of India
 Experience: 16 years

Advocate Prashant Mendiratta

  Lajpat Nagar 4
 Experience: 24 years

Advocate Prabhjit Jauhar

  Connaught Place
 Experience: 20 years

Advocate Jaspreet Singh Rai

  Greater Kailash 1
 Experience: 14 years

View all >>

Quick Consult

Get 15 Minutes of Expert Legal Advice on Phone right now

Ask a Free Question

Post a Question online and get free advice from multiple lawyers by email

Find a Lawyer

Easily find and book private consults with top lawyers in India

Get Fee Estimate

Receive multiple quotations for your legal requirement instantly