If you are unable to pay the bank loan then you have these rights
If you are unable to pay your bank loan due to any problem, then the bank has the right to charge its rupee but the bank can not do anything against you on its own to recover it. Because he also has to follow a processor.
So, in this case, it becomes necessary to know all procedures. Let’s know what people who fail to repay their loans are entitled.
You have the right to get the notice-
If you have not been able to make a loan in time, the bank can not directly capture your property before recovering your dues. For this, you have to give time to repay your dues while the bank follows certain procedures. Banks undertake such action under the Secularization and Reconstruction of Financial Assets and Enforcement of Security Entrap (Surfaces) Act.
If the account holder’s account has been deposited in the NPA and the outstanding amount has not been paid for 90 days, then the bank has to issue a notice of 60 days first. And if the borrower can not afford to pay the money during that notice period, then the bank has the right to auction its property.
But to move forward the auction processor, the bank has to give a 30-day public notice again. It is necessary to mention details related to the auction.
The right to know the fair value of your property-
If you are unable to repay the loan even during the period of 60 days notice period, then the bank proceeds your property auction process. But before doing so, the bank has to give another notice. The bank informs you about the price fixed by the value of your property, the date and time of the auction, the reserve price.
If the person taking the loan in this notice feels that the price of his property has been reduced, then he can also register objection. To justify his objection, he can tell about any other offer he has got before. On which bank can take the decision by taking care of the bank.
The right to get the remaining amount in your property auction-
Apart from this, if the amount received from the auction of your property is more than the cost of loan and all other procedures, then you have the right to get your remaining money.
It can be interpreted as if your loan and the rest of the entire processor cost 30 lake and if your property is auctioned for Rs 40 lake, then the remaining Rs 10 lake will be available to you.
You have the right to keep your point in front of the concerned Authorized Officer during the notice period. And they also have the right to show that you can object to the seizure notice of your property.
If you keep your point, the officer will have to answer you within 7 days. And if he even dismisses your objection, then he will have to give the necessary valid reasons for this.