Possession Intimation letter on date of 24/04/21 and letter posted on 07/10/22
1 year ago
Dear sir, My home is running from iifl. My emi is bounced in year 2021 but before bouncing of 4th emi i paid one and therefore i repay in between and clear dues and from that day my emi is on running regular now i received a letter from bank that is mentioned that they give a demand notice for full payment and i failed on that and now they are taking possession on my property and sell it through auction. I talked to the collection team of IIFL but they said not to worry pay all the pending amount but the notice said they will auctioning the property. What should i do sir should i take this seriously or it is the normal process for the bank
A.Dear client,
The employees might tell you that it is okay in oral statements, but make sure you have evidence in writing so that you can use it as a base to proceed with it legally. They will be following their procedures. As you have committed the default, it might be their policy to bring the property to auction to repay the debts you borrowed. So, it's better to contact a civil lawyer and make sure that all auction procedures are put on hold for a while and try to make their payments.
The employees might tell you that it is okay in oral statements, but make sure you have evidence in writing so that you can use it as a base to proceed with it legally. They will be following their procedures. As you have committed the default, it might be their policy to bring the property to auction to repay the debts you borrowed. So, it's better to contact a civil lawyer and make sure that all auction procedures are put on hold for a while and try to make their payments.
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A.Dear Client
You are to take this seriously and go to the branch where loan was sanctioned. Speak to the BM and get a letter in writing that you account is OK and they are recalling the demand and possession notice.
They still can go ahead with the legal procedure of possession unless it is recalled.
You are to take this seriously and go to the branch where loan was sanctioned. Speak to the BM and get a letter in writing that you account is OK and they are recalling the demand and possession notice.
They still can go ahead with the legal procedure of possession unless it is recalled.
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