Regarding flat & NPA account
Guest
(Querist) 06 May 2011
This query is : Resolved
I had taken a home loan for a flat in Mira Road of 3 Lacs from LIC Housing Finance . For some reason I could not pay the instalments .To avoid account turning NPA I handed over the said flat who was interested in purchasing on loan . But since his IT papers were not ready he could not get the loan . Meanwhile he paid me Rs. 50000/- . I hasd handed over the possession of said flat on the terms that my friend would continue paying the installaments in my name till he can take over the loan . To this effect I had handed over him the said flat under Power of Attorney registered with registrar to this effect.On POA it does not reflect as sale of the flat . It is as if he is a care taker & can attend the proceedings if any on my behalf pertaining to the flat. But it so happened that even he did not pay the installements & account turned NPA . LIC has sealed the flat & taken over the possession & inturn has been sold somebody else. All this time I was away from Bombay not aware of the proceedings .
Now that some one else is occupying the said flat The span of NPA is 4 yrs. So can the instution sell out on their own the flat.Can any further claim be made on me. can I get back the valuable belongings that were locked & transferred in my absence. More so can the institution intitate any Cr. Proceedins against me.
Should I go the bank & tell that I am ready to pay the outstanding in one stroke I may be given my flat back .The proprty value has risen in this 4 yrs.
I dont know whether any notices have been served to my gurantors or not as they are not staying at their place.the 3rd gurantor has ot recived any one of such notice. Nor I have got any intimation about the same.
Can LIC with the help of my gurantors would have sold the property. There were 3 guarantors . My suspect is that out of those 3, 2 would have helped LIC in sale proceedings as they were agents who used to get the LIC loan processed for the flat. One guarantor was from MTNL But he did not receive any notice regarding any recalling or any proceedings if done so. P
Pls advice me as to should I go to LIC & ask them for a Final settlement to paid in one sroke. Can they arrest me on this count of non payment. Or what is the next step that I should take so that I can get back my flat.
malipeddi jaggarao
(Expert) 08 May 2011
If you/guarantors have not advised the LIC about change of address, serving to the last available address as per records would suffice to prove that they have served noticed on you/guarantors. If the sale notice is given, notice period expired and the financial institution (LIC) has conducted auction and sold away the flat, nothing can be done at this stage. However, you please go and meet the officials of LIC andascertain position. Sometime, it so happens thatthough the sale notice is served, further action of conducting auction transferring the title as per the SARFEASI Act would be kept in abeyance for various reasons. If sale is not concluded, you have evry right to repay the dues and get back your flat.
