Legal Question in Credit and Debt Law in India

I took Loan against Property from SBI 4 year back and paid till date all emi. now I am not able to pay EMI since lasy 6 month. Bank Manager is sayng fo law suit. Wanted to confim if he file law suit then Can I sell my property to repay the money once there is court case


Asked on 6/10/13, 10:58 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

11.06.2013

Dear Sir / Madam,

The bank has the sole right to sell (auction) the property to recover the loan amount and pay you the remaining balance, if any. Since the property is mortgaged, you have no right to sell the property.

Regards,

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Answered on 6/11/13, 8:38 am


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