SARFAESI - ICICI Bank Possession Notice
2 years ago
Hi I have received possession notice on 4th Jan 2022 due to 7 EMIs pending for ICICI Bank home loan. I am asking bank to give me time till April 2022. But they are denying it and told me that they will sell out my property after 60 days starting from 4th Jan 2022.
A.Dear Client
It appears that the account has turned in to NPA and hence they are invoking the SAEFAESI procedures to get back the property to sell them off. You need to get in touch with the bank to figure out if the account can be regularized else you will have to fight the case in DRT.
It appears that the account has turned in to NPA and hence they are invoking the SAEFAESI procedures to get back the property to sell them off. You need to get in touch with the bank to figure out if the account can be regularized else you will have to fight the case in DRT.
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A.Dear Client,
Since you have taken a loan you are liable to pay the same within time. Since you have defaulted 7 consecutive EMI(as per your question if not please clarify) they are within their rights to recover the loan. In such cases go through the loan agreement and see what alternatives are mentioned in it. If some alternatives are mentioned you can opt for the same or can pay all the amount within 60 days time or opt for mediation.
Thank you
Since you have taken a loan you are liable to pay the same within time. Since you have defaulted 7 consecutive EMI(as per your question if not please clarify) they are within their rights to recover the loan. In such cases go through the loan agreement and see what alternatives are mentioned in it. If some alternatives are mentioned you can opt for the same or can pay all the amount within 60 days time or opt for mediation.
Thank you
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