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Will i be liable for the amount bank can not recover after auction
20-Jun-2023 (In Banking / Finance Law)
hi there, i have a home loan of Rs 34 Lakh and current OS Amt is 32 Lakh. Now due to some unexpected circumstances i am not able to pay anymore. i haven't paid my last six emi's. My lender has asked me to either pay the six emi's same time or they will auction it off under some NPA act. My question is what happens if i don't pay and the house gets sold off in auction. Am i gonna be charged if bank didn't get the enough Money (32 Lakh) and short fall amt will be recover from me after the auction
Hello hru .
Yes if bank do not get it full amount recovered from auction in that case bank is having the authority to recover rest of the amount from you with out any problem due to which u can have problem .
Yes if bank do not get it full amount recovered from auction in that case bank is having the authority to recover rest of the amount from you with out any problem due to which u can have problem .
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Adv. Vishwanath Pratap Singh
Delhi | 500+ Answers
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dear sir
Yes the bank can charge you . it depends if the amount is more than bank can go to drt and file OA against you. if there is arbitration clause then arbitration may be initiate against you. and if the amount is less than 10 lakhs then civil suit can be filed against you.
Yes the bank can charge you . it depends if the amount is more than bank can go to drt and file OA against you. if there is arbitration clause then arbitration may be initiate against you. and if the amount is less than 10 lakhs then civil suit can be filed against you.
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Adv. Amandeep Chugh
Delhi | 25+ Answers
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Yes, the bank can proceed against you to recover the balance amount by filling an application to the Debt Recovery Tribunal in case the whole outstanding amount is not recovered. In case they get more money than the outstanding amount , they will set it off against charges/expenses and give you the left over sum.
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Adv. Tania Sharma
Delhi | 25+ Answers
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so you can write a letter seeking for more time. your house cannot be auctioned without follwoing due process of law and bank cannot harass you like this. banks are always willing to settle their claim
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Adv. Palak Nenwani
Delhi | 100+ Answers
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