SARFESI ACT: Attach and Seal
2 years ago
In a letter from the bank on home loan, Sarfesi act is mentioned and a total amount due is not mentioned. It does not mention which section of Sarfesi act according to which the letter is sent. But it mentions "Banks is empowered to ATTACH AND SEAL" the financed asset before enforcing the right to sale or transfer". Even on phone they are saying they will come an seal the flat. Is this legally allowed?
A.Dear Sir,
You may get issue a legal notice calling for their explanation failing which approach High Court or Debt Recovery Tribunal and get stay order in respect of anticipatory sealing of your flat.
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A.Dear client,
This letter is not entirely valid. When the bank sends you a letter based on a home loan under the SARFEASI Act, then they technically sending you a notice under section 13 of the act. Also, they should give you about 6 months period of reasonable time to clear your dues. They are bound to mention the amount without fail so you can contest against this.
Thank you.
This letter is not entirely valid. When the bank sends you a letter based on a home loan under the SARFEASI Act, then they technically sending you a notice under section 13 of the act. Also, they should give you about 6 months period of reasonable time to clear your dues. They are bound to mention the amount without fail so you can contest against this.
Thank you.
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