The securitisation and reconstruction of financial assets andenforcement of security interest act, 2
S Sathymurthy
(Querist) 06 January 2013
This query is : Resolved
Sir,
I am working for a bank and has availed housing loan from the Bank also. As per the agreement housing loan I have to repay the loan in installment for a period of 20 years and the installments are recovered from salary. Further, as per the terms of agreement first i will pay Principle and after that the repayment for Interest will start. The interest is on simple interest basis. The Instalments are recovered from my salary and now I have received a notice Under captioned act saying that the account is Non performing. No perior notice in this matter is also received.out of 20 years repayment only 14 years are over.
Pl advise me what action I should initiate in the matter.
Raj Kumar Makkad
(Expert) 06 January 2013
You get enquiry from the banker how your account is NPA if you are regularly depositing the installments. If actualy the amount is NPA/defaulter then try to reconstitute its installments by paying the defaulted amount with penal interest etc.
K.K.Ganguly
(Expert) 07 January 2013
This is very strange since you work with the same Bank & your EMIs are to be deducted automatically from your monthly salary.
You have not mentioned whether the Bank has issued Demand Notice u/s13(2) of SARFAESI Act,2002 or not. If it is a Demand Notice under the above section how much is the outstanding the Bank demanded you to pay since the account has become NPA? You can cross check the payments of EMIs with your salary slips.
If you have been regularly paying EMIs by automatically getting it deducted from your monthly salary, then send your representation to the Authorised Officer who has sent you the said notice to this effect immediately. You are expected to get the reply within 7 days thereof.
If the Bank further issues Possession Notice u/s13(4) of the Act, file an Application before the DRT u/s17 of the Act.
Raj Kumar Makkad
(Expert) 07 January 2013
The notice sent should not be taken lightly so quick action is required from your side as whole further action is time bound.
