Sarfaesi act. Bank taking possession of my residing house.

I took the loan from bank 4 years ago but not able to pay the same in proper way. Now i have to pay 850000 rupees to stop the possession of the house where i am residing till now. on 19 06 2018 bank officers coming with circle officer and 2 police constable to take possession of my house n throw ous out of our home. i am ready to pay all amount in 2 month of time. how to save my home please do something need urgent help.

Move an application through your lawyer to concerned DRT with your offer of payment and stay on the warrant of possession.



From what you are saying, it should not be difficult to get a Stay Order and repay the Bank.

The only way to save your house is to approach the concerned Debts Recovery Tribunal through an application under Section 17 of the SARFAESI Act and prove your bonafide to repay the Bank's Debt (DRT's) .  For this you should deposit some amount on the first day itself and seek some time to pay the remaining amount.  The issue would be complicated as the DRT may insisit on service of the Application/Notice be made on the Bank.  It is therefore advisable that you should approach the DRT through a experienced advocate.



Right now I just dont have anything in my hand to pay in bank as i am ill. but i am arranging necessary amount within two to three weeks to pay. total loan is 3000000 and outstanding is along with penalties and charges is 850000. its raining heavy and my children's are small wife is going through mental tension n mom is heart patient.
Retired Manager

Please go to the Branch where you had taken the loan  and have a discussion with the Branch Manager and give a realistic proposal for the repayment of the loan, duly paying the amount of Rs. 300000 which you are arranging shortly. Then bank will have confidence on you and shall not proceed to the next step of auctioning of your house.  Bank has every right legally to auction your house, if you do not pay the amount.




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