Bank Seizure need advice

[User_4981ec1e]

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User_4981ec1e
PARTICIPANT
February 12, 2025 at 2:15 pm

My mom took a loan of 5 lakhs from a bank, but due to interest and other charges, it has increased to 12 lakhs. She has repaid some amount, but now the bank officials are taking strict action against us. They are saying they will auction our home for sale We need help

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[Desipanda1506]

D

Desipanda1506
PARTICIPANT
February 12, 2025 at 2:22 pm

You didn’t specify what kind of loan it was . While taking 5 lakhs loan did you keep your house papers as guarantee ? In case if you did then unfortunately nothing can be done other than requesting the bank to give you sometime .

If the house papers are not kept as collateral then the banks can’t do anything .

Still best to consult a lawyer

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[Ojasking707]

O

Ojasking707
PARTICIPANT
February 12, 2025 at 2:26 pm

Please don’t speak without knowledge.

If the house is registered with the same person who took the loan, the bank can absolutely go to court and take over the house under SARFAESI act, even if the house is not mortgaged with them. And that goes for any asset, not just the house.

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[Vikramrider800]

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Vikramrider800
PARTICIPANT
February 12, 2025 at 2:36 pm

Not true

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[Ojasking707]

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Ojasking707
PARTICIPANT
February 12, 2025 at 2:44 pm

Yes and No.

If the property was mortgaged, bank can take over the asset without court order. Otherwise, bank will need to go through bankruptcy procedure to take over the assets. Both are through SARFAESI act only.

Although, I doubt bank will go through such hassle for such a small amount (for the bank). In this particular case, it is likely an intimidation tactic.

My comment was more general in nature. I am absolutely fed up of people spreading the myth that Banks are completely powerless to recover unsecured loans. It encourages people to default on loans and ultimately honest borrowers bear the cost of increased provisioning and interest.

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[User_4981ec1e]

U

User_4981ec1e
OP
February 12, 2025 at 2:39 pm

house paper is kept as a collateral,mom took this loan 7 years ago

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[User_4981ec1e]

U

User_4981ec1e
OP
February 12, 2025 at 2:42 pm

we have requested them multiple times to give them some more time,but they are not listening to us

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[User_6d5243bd]

U

User_6d5243bd
PARTICIPANT
February 12, 2025 at 2:45 pm

Pay them some amount whatever u hav and then demand sometime

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[User_4981ec1e]

U

User_4981ec1e
OP
February 12, 2025 at 2:52 pm

they are asking us to pay 8 lakhs within 2 days we don’t have that much amount right now

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[User_6d5243bd]

U

User_6d5243bd
PARTICIPANT
February 12, 2025 at 2:22 pm

What the time span of loan ?

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[User_4981ec1e]

U

User_4981ec1e
OP
February 12, 2025 at 2:40 pm

i have no idea,mom took this 7 years ago

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[Epicrajendra5182]

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Epicrajendra5182
PARTICIPANT
February 12, 2025 at 2:36 pm

Must be any scheduled bank or apna Bajaj Finserv

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[User_4981ec1e]

U

User_4981ec1e
OP
February 12, 2025 at 2:40 pm

land mortgage bank

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[Epicrajendra5182]

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Epicrajendra5182
PARTICIPANT
February 12, 2025 at 2:42 pm

Ideally it should not increase if you’re paying on time. Visit the bank and understand the calculations.

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[User_4981ec1e]

U

User_4981ec1e
OP
February 12, 2025 at 2:49 pm

we were not paying on time tbh,we repaid around 2 lakhs in total

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[Epicrajendra5182]

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Epicrajendra5182
PARTICIPANT
February 12, 2025 at 2:52 pm

Bhai then it’s a big problem. Talk with bank and ask for time and revision of amount to be paid if possible.

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[Brightwolf5388]

B

Brightwolf5388
PARTICIPANT
February 12, 2025 at 3:46 pm

possible to change lastname to Modi, Choksi , Mallya ?

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[User_45e0e4d4]

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User_45e0e4d4
PARTICIPANT
February 12, 2025 at 5:02 pm

Was that a joke 😔

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[Brightwolf5388]

B

Brightwolf5388
PARTICIPANT
February 12, 2025 at 5:05 pm

Yes /s , it anyone takes a loan and not payback and expect no consequences, isn’t that the only other way ?

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[User_c30b86e1]

U

User_c30b86e1
PARTICIPANT
February 12, 2025 at 5:34 pm

Its sad OP , but by reading the comments, I feel sad, banks have the full lawful authority

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[Wiseguru6867]

W

Wiseguru6867
PARTICIPANT
February 12, 2025 at 6:05 pm

Approach drt (debt recovery tribunal) for time

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[User_607a5205]

U

User_607a5205
PARTICIPANT
February 13, 2025 at 4:17 am

Approach the bank person in charge of recovery.
Inform them that due to some reasons you were unable to pay on time. Give them this in writing, along with commitment to repay regularly. And actually repay regularly!
Execute a letter of revival if asked.
All the above will give you some breathing space. If the bank still refuses your effort and insists on recovery lump sum, you can use all these efforts in court as proof that your case is genuine.

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[User_aaf4b8a9]

U

User_aaf4b8a9
PARTICIPANT
February 13, 2025 at 3:00 pm

U can write application to bank about ur situation and how much time u need to repay it ,as well as is there any plan that sound convincing to them

U can approach for settlement in u negotiate to lowest possible payment can be done ur family against it

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[Neelpanther332]

N

Neelpanther332
PARTICIPANT
April 11, 2025 at 3:00 pm

Bank can move taking over your asset only if your account has been declared as NPA-No performing asset. Has the same happened?

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