Sarfaesi act. Bank taking possession of my residing house.

Move an application through your lawyer to concerned DRT with your offer of payment and stay on the warrant of possession.

From what you are saying, it should not be difficult to get a Stay Order and repay the Bank.

The only way to save your house is to approach the concerned Debts Recovery Tribunal through an application under Section 17 of the SARFAESI Act and prove your bonafide to repay the Bank's Debt (DRT's) .  For this you should deposit some amount on the first day itself and seek some time to pay the remaining amount.  The issue would be complicated as the DRT may insisit on service of the Application/Notice be made on the Bank.  It is therefore advisable that you should approach the DRT through a experienced advocate.

Please go to the Branch where you had taken the loan  and have a discussion with the Branch Manager and give a realistic proposal for the repayment of the loan, duly paying the amount of Rs. 300000 which you are arranging shortly. Then bank will have confidence on you and shall not proceed to the next step of auctioning of your house.  Bank has every right legally to auction your house, if you do not pay the amount.