681+ Lawyers are online 
We borrowed 10lakhs from bank for house
09-Jun-2025 (In Property Law)
We have borrowed 10lakhs loan on house.But since 1year we not paid the loan Emi.we have paid only 2emi's.now bank says we will get house you have to get out from this house saying like this.bank told us to pay 2lakhs in this week otherwise we will talk auction.does bank have this rules to auction with one year of non paying loan.total loan period is 5years.
Yes, as per Sarfeasi act 2002, the bank can either file a petition under section 14 of the said act before the chief judicial magistrate court and take possession of your house and auction it subsequently to retrieve the said loan amount. The 5year doesn’t mean you have time till that, you’re obligated to remit the EMI amount without fail on every succeeding month; and if you fail to comply your financial obligations to the bank, the bank authorities would issue NPA(Non Performing Assets) notice to you. And subsequently, try to take possession over the property and auction it.
Options that you have;
1) Approach the Bank and elucidate your pecuniary situation, and also try to remit either partly or the pending arrears of the EMI; or you will be asked to remit the loan amount also. Try to amicably sort things out.
2) You can approach the Debts Recovery Tribunal based on your jurisdiction.
However, you have to repay it or else you might face insurmountable hardship and difficulties.
Act accordingly and instantly.
Helpful?
Adv. Ragul Sivanand
Nagercoil | 200+ Answers
Chat
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 Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
- I have purchased a 4th floor with roof right and mummy a room and bath
- illegal demand of society for maintenance prior to possession
- Iam selling a property because of my daughters education so I need awI
- Illegal Construction on property which is under pending Court case
- Documentation of property purchased 30 yr back
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
