Hi sir, Some days before, i have done the stamp duty and registration process about mortgage flat. Then after some days when i was asked to owner about NOC from bank. he told me it will issue in some days. My registration was completed but previous original documents in bank custody. and now the previous owner left from house with his family. I registered the complaint in local police station FIR under 406 sec.Police is in process to find out the previous owner. Now bank wants to seize this property?can any one help to in this issue.Please suggest me next action plan. Thanks
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1) bank consent was necessary before sale of flat
2) bank would have granted consent provided loan was repaid out of sale proceeds
3) what is balance amount of loan payable ?
4) you have to sue the seller to recover your money if bank seizes the flat
5) criminal cases take over 10 years to be disposed of
Hi sir, Thanks for your revert, what is balance amount of loan payable ? He was taken OD/CC facility against the 2 flat and some business stock. with 2 cr. almost. On seize notice they did not mentioned the balance about of loan payable against this property. Now banks wants to meet me before seizes the property. That time will get idea about balance amt payable. If my registration was done,and also submitted the Registration copy and FIR copy to bank. so how can be a bank seize the property? If bank seizes the property so what should be next plan?
Go and meet the bank officials
2)bank had not given NOC for sale of flat
3) there would be clause in loan agreement that any sale of flat till repayment of loan by the borrower would be void
4) you have to sue the seller to recover your money as title is not clear and marketable
Sir if the account of the previous owner goes NPA the bank can take over the property and can auction it as you needed to take due care before the purchase of the property.
Further as already file criminal complaint agaisnt the said person need to recover the amount from him by filing a civil suit.
Sir if bank seizes the property you need to approach the DRT, sir since the property was mortgaged to the bank, bank has all the right to seize the property by taking over possession over it.
yes meet the bank officails they will inform you of the pending amount.
1. Equaitable mortgage is created by the borrower by depositing the original title deed to the bank while taking loan to creat security on the said loan amount.
2. Mortgaged property can not be dealt with by the mortgagor without the written consent of the mortgagee in any way.
3. Your registration of sale deed of the said mortgaged property without handing over the original link deed is illegal and te seller has caused fraud upon you.
4. You have already registerd FIR against the seller. Now also file a recovery suit claiming back the amount paid by you including the registratyion charges with interest, damage and cost.
Dear Client,
To avoide present issue, pay the balance amount. Bank will infome the balance. This will later can be recover from previous owner. Also add sec 420 in Complain.
This not possible, u/s 13(2) notice, due amount discloses and if not than court will grant stay on seizer.
ANd not seizer but possession noitce, it was mandatory on you before buying the flat, had to get the NOC and non encumbrance.
1. It appears that the Bank has issued Possession Notice u/s 13(4) of SARFAESI Act,2002 and after some time shall apply before the local DM u/s14 of the Act to take physical possession of the said property in order to sale the same to recover the outstanding amount standing in the loan account of the defaulting borrower.
2. the claim details willnopt be mentioned in the Possession Notice but in Demand Notice u/s13(2) of the Act which the bank has already issued.
3. You have been clearly dupes by the seller who is the defaulting borrower.
4. Your sale deed registered is invalid in the eyes of law.
5. So, do not pay the bank anything in the said loan account of your seller since that act of yours will not make your sale deed valid.
6. Only in one way you can get rid of the problem i.e. if you repay the entire loan of the seller and the bank issues you a NOC with back date (i.e. prior to the date of registration of the sale deed), then your said registered sale deed can be treated as valid.
7. I have strong doubt whether the Bank will issue the back dated NOC and will return the original link deed to you or not on receipt of the balance amount but with out taking the said NOC and link deed, do not pay anything to the bank.
you can protect against seizure of property if you can show that you are a bonafide purchaser for value and without notice of the bank loan
for that you have to show that you exercised due diligence like obtaining search report from registrar office and issuing public notice in newspapers inviting objections from public against the sale
if above steps were not taken prior to registration then it cannot be said that you are a bonafide purchaser
now if you wish to protect the property then you will have to clear the bank loan and then file a suit against your seller to recover the money you were required to pay to the bank
ideally your seller should have obtained bank NOC before selling the property to you
as that was not done the bank is within its right to seize the property to recover its dues
also check in your agreement whether the property is sold to you on 'as is where is basis'
If bank is trying to seize the property for default in loan repayment you may file an injunction suit restraining bank from initiating any such act of eviction other than by due process of law.
You have no alternative than this to protect your property.
The bank will not bother about your registration or police complaint.
They are not barred from taking action as per bank rules.
You only have to be cautious about the steps you propose to initiate.