Symbolic Possession of Property for non payment of 7 EMI - Home loan
1 year ago
Bank has taken symbolic possession of my apartment for 7 EMI due. I have cleared 4 EMI as of now. I requested bank to give some more time but bank rejected. Bank informed that they are awaiting for court order. How long will it take for court to issue order ? How do I check through online ? If court issues order before I clear 3 EMI - what action can I take ? Is it possible to pay 3 EMI after court issued order and become NON-NPA ? Please advise
A.Dear Sir,
Such inconvenience are being made by the Bankers frequently as there are not following RBI directions. Nothing will happen if you clear all the pending EMI’s.
Such inconvenience are being made by the Bankers frequently as there are not following RBI directions. Nothing will happen if you clear all the pending EMI’s.
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A.Dear Client
Once the account has been considered NPA and the action under the SARFAESI Act has been started then you paying the EMI will not make any difference to the bank. Now what you need to pay is the whole outstanding amount to save your property from auction. Court notice can be issued in any time depending upon the number of cases pending in the court. If the case has been filed then ask the bank to share the case number and then you may see the case online.
Once the account has been considered NPA and the action under the SARFAESI Act has been started then you paying the EMI will not make any difference to the bank. Now what you need to pay is the whole outstanding amount to save your property from auction. Court notice can be issued in any time depending upon the number of cases pending in the court. If the case has been filed then ask the bank to share the case number and then you may see the case online.
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