National Bank issued my residence sale by auction as per Sarfaesi law


i taken mortgagee loan from bank in 2006 and regular payment till 2011 of Rs 3.69 lac 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) and 9(1). 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)


301 votes

in that you have letter which given by the bank at the time of laon in that you can send legal notice to bank that you ask interest at the time of loan is 11.75% and instead of that you take interest 18.5% so in that send bank legal notice and ask how you calculate the amount with the principal that i have to paid that amount to the bank.


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212 votes

You will need to file for an injunction to restrain the bank from evicting you from the premises. You need to challenge the notice of eviction. Your loan seems to be a secured loan and therefore the bank may proceed against you before the Debt Recovery Tribunal. If they are successful, the title to your house will be transferred in the name of the bank. If the bank is approaching the DRT then you could challenge the same on the ground that the interest rates are arbitrary. Though one would need to carefully study the loan documents as several of them have cleverly worded clauses that allow for penal interest. You could further write to the RBI about the malicious conduct of the bank.

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