Bank action on cidco flats during lockin period
1 year ago
Can bank auction CIDCO allotment flats within lock in period of say 10 years, under Sarfaesi Act 2002, which has been mortgaged by the defaulting borrower for the loan extended
A.Dear Client
If a property is mortgaged to the bank then in case of a default the bank has all the rights to auction the property and that's the law and that is what the borrower agrees for while taking the loan. Now whether the bank can do so or not on within the lock in period has to be ascertained by going through the documents of the property and loan agreement.
If a property is mortgaged to the bank then in case of a default the bank has all the rights to auction the property and that's the law and that is what the borrower agrees for while taking the loan. Now whether the bank can do so or not on within the lock in period has to be ascertained by going through the documents of the property and loan agreement.
Helpful
Helpful
Share
Read Related Answers
CKYC for Bank Account of ABC Tenants Group
Dear Client,
An association is a body of individuals and an association is required to be registered under the Societies Registration Act to make it a legal entity to apply for PAN. So when you are o...
Bank ke dwara 13 2 ka jawab nahi Dena
Dear Client,
According to Section 13(2) of SARFAESI Act, the borrower is required to repay the outstanding dues within 60 days from the date of the notice. If the borrower fails to comply with the not...
Money in account is put on hold by cyber cell
Dear Client,
When a cyber complaint is field on National Cyber Crime Reporting Portal (NCCRP) or in case of any police complaint, the Cyber Crime Cell directs the concerned bank to freeze the accounts...
Online job fraud
Dear Client,
Please register a complaint with cyber security for online fraud and scam. Complaints can be reported through helpline number 1930 or on National Cybercrime Reporting Portal. Or you can a...
Loan
Dear Client,
A co-applicant/borrower is equally liable for repayment of the debt if the principal Borrower fails to repay it and if after exercising all the steps for recovery of debt against the Bor...
Read Blogs on Banking
Banking Lawyers
Find Lawyers by Location
