Sarfesai and posseision of property
Riaz Noor
(Querist) 18 April 2018
This query is : Resolved
I am an 74 year old widow. My husband and son had taken a loan of rs 37 lakhs from sbi to set up a petrol pump. The business could not start up but inspite of all dofficultiez we paid back an amount of rs 57 lakhs to thebank. Since my husband died in 2014 and my son is unemployed we failed to pay to the bank. The bank issued notice under sarfesai act to take possession of my house. We got an stay from high court. We approched the bank for ots. The bank issued an ots letter stating to settle the loan by paying 13 lakhs in 6 months. With my limited resources i could pay 4 lakhs only within 6 months. I requested the bank to give me another 3 months to pay the rest amount of 9 lakhs. But they are refusing me and they say that they have applied for dm permission to take possession of my house. Please advice me
Ms.Usha Kapoor
(Expert) 18 April 2018
You file an application under Sarfasai act before the DRT to extend the time by 3 months to pay the balance of 9 lacs to the bank and seek stay of taking possession of your house by the bank for balance payment.Meet the top Management and Ombudsman of the bank requesting extension of time by 3 months for repayment of balance loan of 9 lacs rupees.
