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Possession of property on NPA loan


15-Oct-2023 (In Recovery Law)
There was a home loan(RS 4,00,000) which was taken 5 years back on my mother's name who is more than 50% disabled with no employment due Polio. The loan become NPA due to non payment of EMI. After 5 years bank made Rs 4,00,000 (Principal amount -125000+ interest+ penalties)again including interest rate and various types of penalties. Now the bank has served with 13 (4) notice under SARFAESI ACT 2002. What should we do now? Regards
Answers (1)

Answer #1
998 votes
Greetings for the day, In this situation you have to give a reply to their notice and contest the proceedings under sarfaesi act if any. As under sarfaesi act, the bank can take the title and possession of your property in order to get their money.
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