Upgrad LLM

problem regarding home loan

Hi all,

10 years ago my father has taken housing loan of Rs 2 lacs, but he cudn't repay loan amount on time and the loan became NPA in 2009. And now the amount become around 6 lacs with interest and other expenses. My father is missing from 2011 and bank has taken symbolic possession from us and published in the newspaper. Bank want us to repay the loan amount, but we don't have that much amount.  Somehow we had deposited 80 thousand but bank still makes pressure on us and wants us to deposit full amount , otherwise they will put our house on auction. 

I just wanted to ask, is there any way we can get relief. If my father is missing, are they liable to sell our building.

Please suggest whatever is best for us, we are not financial strong.



Let your mother prefer an Application u/S17 of SARFAESI Act  in DRT through an expert lawyer conversant with SARFAESI & DRT Act proceedings, to stop sale of the property. Better then try to settle through DRT-Lok-Adalath by compromise.




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