RR Netha (ff) 25 November 2011

Home loan default

Hi - I have availed the 23 lac from ICICI bank and bought a apartment in Hyd in July'2006. I have continuously paid EMIs for 2 1/2 yrs(23,000 P.M.) and however, due to personal financial crisis I stopped paying EMIs thereafter from Nov'2008. I have recieved layer notices and I sent a letter to bank stating that take over the property.

Now, I hav

- When would bank go for property auction

- Can I get any money from bank after completing the auction process

Please help me ..

thanks

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3 Replies

Advocate M.Bhadra 25 November 2011

Bank may auction after issuing notice under sec.13(4) of the SARFEASI Act and after sell the property they have to pay remaining balance after adjusting due amount,so you should follow up the proceeding at he DRT to get actual market value.

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RR Netha (ff) 26 November 2011

Thanks you for reply sir. Does DRT(Debt recovery tribunal) will have update on my property. Or is there any way that i should know the status of auction of of my property. Is there any one who can help me in this regard at Hyderabad.

thanks