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Sayed Maqsood Ahmed   02 December 2023

can a bank seal the flat for non-payment of loan

dear learned advocates

my sister and her son took a loan of Rs.29 lakhs from a bank. But both didn’t pay any instalment so far.

can the bank seal the flat. what's the legal provisions.

appreciate your valuable legal view point

thanks in advance for your quick response

Best regards


Learning

 3 Replies

kavksatyanarayana (subregistrar/supdt.(retired))     02 December 2023

The bank may auction the property as per procedure.

T. Kalaiselvan, Advocate (Advocate)     03 December 2023

If the loan was granted on the collateral strength of the immovable property, then the bank can very well proceed with the recovery suit by attaching the property and sell it thorugh auction to adjust the outstranding amount

Sayed Maqsood Ahmed   03 December 2023

Many thanks sir for your valuable legal advice

Best regards 


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