quesDefaulted 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?

  • ansYou 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.

  • Apply For Legal Heir/Succession Certificate With Expert Lawyers
    Know More

    Click here to see all Property Legal Services
  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Property Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Consult best Property lawyers in India

Similar questions

The driveway next to my flat in our apartment is converted into a play area…
I purchased a flat from a girl who got this flat from his maternal uncle…
Can a SINGLE Release deed be registered, signed by Two sisters favouring their sibling brother.…
I'm seeking advice on the aspect of responsibility of an apartment committee. I stay in…

Property Lawyers in India

Advocate Arjun Vinod Bobde

  Supreme Court of India
 Experience: 16 years

Advocate Prashant Mendiratta

  Lajpat Nagar 4
 Experience: 24 years

Advocate Prabhjit Jauhar

  Connaught Place
 Experience: 20 years

Advocate Mohammed Abdul Quadeer

  Shree Ram Nagar
 Experience: 11 years

View all >>