shahid 9450090654 11 December 2015

Sarfaesi act 2002

sir, sir i have mortgage property in one account as a current account but its attached without owner permission in another current account. Is this illleagle? 2. can one property mortgage (which is already mortgage in on account) in another account? 3 account =xyz (a).mortgage property valuation by bank =1800000 account limit =1500000 4 account=abc same property above mention (a) in this account attached this account limit =2500000 actully sir i want to know about that above mention detail that processer is true or not as per saefaesi act 2002. and bothe account as been NPA actully i dont understant that property valuation is only 1800000. and limit is bothe account 4000000 .how can possible sir? plz advise

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2 Replies

Adv. Yogen Kakade (+ 91 9225510883) 11 December 2015

Hi,

The property mortgaged without the consent of the property owner is not valid.

But the question here, How did the bank execute the Mortgage deed without the knowledge or consent of the property owner?

Adv. Yogen Kakade

Jurycon Incorporation

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Anil Upadhyay (Lawyer) 11 December 2015

Your query is not clear to me, as without consent of owner property cannot be mortgaged and how can bank grant you secured loan in absence of security. Banks provide loans after proper invetigations and every deal is on paper, as per law.

Further, when Borrower has failed to make interest or principal payments to banks for 90 days the loan is considered as NPA (Non-Performing Assets). Bank has power to initiate action under SARFAESI Act, against such borrower and can proceed for auction of mortgage property. Bank shall give notice under section 13(2) of SARFAESI Act, to the aforesaid borrower and wait for satisfactory reply till 60 days from the date of receipt of the notice. If issue is not resolved, then Bank will intimate the borrower about the reasons for non acceptance of reply within a week of receipt of reply from Borrower. Bank will took possession of mortgage property and intitate proceedings for auction of mortgage property, to recover its debt under Section 13(4) of SARFAESI Act.

Hope your query about action of bank under SARFAESi is resolved.