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understanding meaning of the statement
05-Dec-2024 (In Recovery Law)
We further agree and confirms that the Bank reserves the right to visit the above mentioned property being
mortgaged to the bank whenever applicable for recovery of dues related to loans borrowed from ICICI Bank.
what does this mean
It means Borrower is agreed and is giving confirmation that in case there will be default in Repayment of loan then for recovery of that amount Bank can or has a right to visit mortgaged property whether it is a flat or a shop.
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Adv. Kiran Prakash Chandorkar
Mumbai | 50+ Answers
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It means, that, the Bank can come and go wherever it wants to survey the Property and put locks on it to take Symbolic Possession of the Property by serving notice under Sec 14 of the SRFAESI Act to auction the Property if the Mortgagor defaults in paying the EMIs.
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Adv. Pankaj Bajaj
Mumbai | 1000+ Answers
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