Demand notice

Querist : Anonymous (Querist) 10 July 2021 This query is : Resolved
Can banks paste demand notice on the property. As far as I have heard only symbolic possession notice can be pasted. I have defaulted on my home loan and the bank is threatening to paste demand notice.

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Quick Summary

If you've defaulted on your home loan, you might be concerned about your bank pasting a demand notice on your property. While there's no specific law about pasting a demand notice itself, banks can display a notice board on the mortgaged property if you avoid receiving the official demand notice. This action is permitted under Section 13 of the SARFAESI Act, 2002.

SHIRISH PAWAR, 7738990900 (Expert) 10 July 2021
Hello,

There is no provision under the law about pasting the demand notice.

kavksatyanarayana (Expert) 10 July 2021
To me, did you receive the demand notice from the bank authorities? If the bank authorities sent the notice and if you avoid it, then they display a notice board regarding the property for default of repayment of the loan.

Dr J C Vashista (Expert) 12 July 2021
Yes, the bank (lender) can paste notice on the mortgaged property in terms of Section 13 of the SARFIASI Act, 2002

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