Sarfaresi act
Querist :
Anonymous
(Querist) 03 October 2011
This query is : Resolved
WE had taken a term loan and C.C.limit from nationalised bank with personal guarantee and a house of a third party as collateral, Few months back the owner of the house(the third party} died, now the property is also not transferred to legal heirs neither i have informed the bank on the subject. Now due some circumstances My account is become N.P.A.
How can i save the house from bank in recovery process, please advice if any chances available as the person is dead. The loan is taken on the name of pvt ltd company in which iam a director but the person dead had no stake or position in the company.
R.Ramachandran
(Expert) 03 October 2011
Chances are very bleak. If you make the payment of the dues to the Bank, surely the property can be saved.
prabhakar singh
(Expert) 03 October 2011
Only guarantor has died but his property
given in guarantee is there for enforcement
of rights of the bank.
Querist :
Anonymous
(Querist) 03 October 2011
Are there atleast any ways to delay the bank as we need 6 months to repay and bank does not wish to wait. Thanks
R.Ramachandran
(Expert) 03 October 2011
You have to meet a lawyer, show papers and documents and then only you will come to know whether there are any possible avenues.
Simply indicating the over all bird's eye view of the facts and asking for a solution is far fetched.
Advocate. Arunagiri
(Expert) 03 October 2011
The bank is not initiating cases on all the defaulters. If you have a genuine reason, and have a source for repayment, convince the banker for deferring the repayment. Only this can save the property.
If the bank is not convinced by your reply, the bank is having all such rights and powers to take possession.
After mortgaging the property, was transferred to some body, this will not affect the rights of the bank over the property.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 06 October 2011
The SARFESI act has provisions which look draconian but since very few contest it and hence the lender become autocrats.
There are simple remedies , even if defaulter need nor worry. The bank has to issue a notice giving sixty days time for reply , get an expert to frame proper reply. They have again time for seven days to attend to your reply. I have seen most of the lender bunk on this and here you have to be careful and alert. If no proper reply attachment is not possible.
