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.
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