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Can the Bank take my Property?
28-Aug-2023 (In Property Law)
We have a CC account with a PSU Bank. But due to some family reasons we are not able to operate the account since last one year. We have being paying the interest regularly and brought down the CC limit from 35 lacs to 20 lacs. Our CC is against the stocks and a collateral security of our premises worth thrice (market price) the CC limit has been provided. My question is can the bank usurp our property if the principle amount is not paid but the interest being paid regularly. What other remedies can you give me
If you periodically pay the interest on your principal amount, then the bank can not dispose of/sell your properties kept as security for securing the loan. Further if the bank has to move against the collateral, then it will have to serve a notice to you regarding this. In view of foregoing opinion, you do not need any remedy.
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