(Querist) 11 May 2022
This query is : Resolved
I have bank loan of 200000 since 2016.interest is 13%.Loan tenure is 15 years.i was paid EMI properly up to 2019.due to covid crisis remaining EMI are become dues.now i got demand notice total amount of 232000.it mean there is interest dues 17000 up to now. Is this dues sufficient to take action by sarfesy law?Loan tenure is 15 year.i already paid around 150000 as interest in last 5 years.how can I free from sarfesy act
(Expert) 12 May 2022
As stated facts, if you have not cleared the principal amount with interest thereon without exceeding 15 years, then only sarfaesi question arises. So without breaks you shall clear the loan in EMI with interest.
(Expert) 15 May 2022
Once there is a breach of written contractual agreement between the parties, the Bank can take action under the said act.