Defaulted 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?
You 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.
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