Can I settle my loan in PNB through court?

i have a home loan against my property where we are living from pnb bank and loan amount is rs. 85 lac now we took this loan at Jan 2013 and we are paying emi on time but before 8 months we did not pay any single emi due to the reason of loss in my business now bank sent notice to me and also in newspaper and at this moment i am not able to earn so much thus i can deposit emi amount, i need time how can you help us you can also check notice on pnb bank website

Answers (1)

224 votes

If you are not paying EMI Since last 8 months then the PNB have right to attach your property under The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (also known as the SARFAESI Act) and under this act bank have power to auction your property and recovery the loan amount from the said property.
If you want get stay against PNB Bank, you have to go to debt recovery tribunal (at Delhi & Chandigarh as per jurisdiction) for stay against the proceedings of the PNB Bank against you in under SARFAESI Act

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