Legal Question in Banking Law in India

bank issue a notice under sarfasi act on 23.11.2006 ,we paid Rs.2 lac in march-2007 and after that upto 03 months deposit Rs.33000/- per month, after that it reduce due to work down, but continously deposited in loan account.can bank take possession of my mortgage property without giving any notice to me. while i m not willful defaulter.


Asked on 11/21/09, 10:07 am

2 Answers from Attorneys
J. Radhakrishnan independent Practice

If there is still outstanding amount due, the bank can take possession. Reason out with the Bank to defer their action promising to pay off the dues in due course and requesting for waiver of excessive interest, citing your financial difficulties.

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Answered on 11/21/09, 9:07 pm
Pravin Vaidya Independent

I agree with Shri J. Radhakrishnan

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Answered on 11/22/09, 1:46 am


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