arokia 16 May 2015

Axis bank auctioned my property. still asking huge amount

Dear Sir/Madam,

I have availed home loan from axis bank. i was paid reqularly the preemis one year and emi one year. then i have lost my job and lost huge moneny in business too. so i could not able to pay emi on time. so i have surrenderd my property to axis bank. they have actioned my property and and sold it. they have underestimted the property value and sold only21 laksh. actually i was purchased the house for 26 lakhs 4 year before.

i have paid around 10 laks for the property to the bank, the bank still not settleing an closing the agreedment and asking me 5.5 lakh.

kindly suggest me the right directions for me. what should i do now?

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1 Replies

Kumar Doab (FIN) 16 May 2015

You grossly erred in the whole matter.

Aparently you did not consult any lawyer before surrendering the property.

You should have get the property valued and arranged for a buyer at market value.

Did the bank auction thru e-auction?

The bank shall proceed further to recover the balance of (Principle+interest.............till date)-amounts paid by you and recovered thru sale of morgaged house=balance.

Visit a local lawyer handling such/banking/consumer matters with all documents that you have and let your examine and suugest if some remedy is possible.