Bank combining secured & unsecured loan for harassment


Respected Sir/Mam


we are facing a serious harassment issue by Kotak Mahindra Bank.

Home loan is taken by my father and there are several co-borrowers including my  mother and two brothers. Father, mother and one brother are co-owners of a property. my father/mother intend to foreclose the HOME LOAN on a priority basis, however the bank is not allowing us. My brothers had a credit card default for which bank has resorted to arbitration  ex-parte fraudulent awards which are filed as decree before court for execution. These execution proceedings are already pending.


Bank does not co-operate to foreclose the home loan, they use SARFAESI ACT & delay foreclosure intentionally. Parallel, they send an official email stating that bank will not release the FLAT PAPERS till my father clears both home loan & credit card dues OF MY BROTHERS.


Please suggest if experts have any reference of RBI guideline in relation to this query or any other valuable input





It is illegal, the bank has no right to do so, approach Banking Ombudsman, if the reply is unsatisfactory, initiate appropriate legal action through a local advocate.


clubbing of loans without consent of all-borrowers is illegal and cannot be executed against the secured debt.  If the loan on credit card is not bind by the equitable mortgage agreement, the bank cannot enforce such debt.  You may seek remady through banking Ombudsmen as learned friend Kr. Kalaiselvan stated. I may also advice you to file SARFAESI APPEAL  S.A. before the competent debt Recovery Tribunal.


yes thank you all for all guidance.


Dear Divya,

 Since We need more information before we give our comment qua the captioned issues therefore we would suggest you to kindly get in touch with Dr. Rajesh Verma on the Phone No. 011-30446489

And seek the further guidance.


Regards !


Office of Kislay Panday




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