Legal Question in Consumer Law in India
SARFAESI Act/ Consumer forum Kolkata
1) I had a home loan of more than 1 Lakh Rs from a popular bank since 2002 for 180 months
2) The bank transferred my loan account to a securitisation company in 2009 and intimated me that all the terms and conditions remains unchanged.
3) The securitisation company intimated us that they are now the responsible party for our loan and was accepting our regular EMIs for a year since then.
4) Suddenly I was intimated that my EMI is very less and it will take ages to complete the amount so I shall need to agree to revised terms and tenure.
4) Now they are blackmailing me that if I dont pay the entire amount in lump sump in one or two installment they will invoke SARFAESI Act to auction my property.
5) I am helpless and cannot pay such a big amount in one go
6) I am contemplating going to consumer forum. Will this be under jurisdiction of consumer forum and whats my chances. Pls help
1 Answer from Attorneys
revising the terms and tenure of loan depends on what you agreed in the original loan contract with bank.
as for SARFAESI Act, it can be invocked only when you have defaulted in payment of the EMI and when your account is declared NPA non performing assert.
they have to follow procedure in SARFAESI Act to auction your house, firstly a notice as per sec. 13 of SARFAESI Act, has to be issued to you.
you can make your objection to the notice.
yes you can file a case in consumer forum provided, you have not agreed for revised terms and tenure in the original contract.
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