Bank issue e-auction letter under rule 8(5), 9(1) and 13(4).


I taken mortgagee loan from bank in 2006 of Rs 3.69 lac and regular payment till 2011 i paid regularly till 5 yrs in 2012 i got letter from bank Total Balance amount and after received monthly statement of 5 Yrs i found bank charge me up to 18.5% and bank commitment of 11.75% at the time of disbursement. i sent so many call and mail to bank also i meat personally but no result. and now they issue letter with advertisement copy of eauction under rule 8(5), 9(1) and 13(4). i dont have additional house. i'm with my family in one room of 25 sq mtr Mahada House. in mumbai. pls suggest what i can do

Answers (2)


462 votes

This question has been answered by one of our lawyers. See answer below.

57 votes

Firstly you need to figure out what was the rate of interest mentioned on the documents you signed while availing the loan.If the rate of interest mentioned is less than what they have charged you, than you need to immediately file application before DRT to stop the attachment and auction proceedings based on your documents and displaying the malicious act of bank before the authority.


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