Both are jointly and severally liable to repay loan 

bank can auction mortgaged properties if you fail to repay loan 

Right to shelter is fundamental right under Article  21 being right to life. File a writ in High Court for exemption of residential house from attachment and auction as loan is also secured against open prime land, bank has to proceed first against non-residential property when there is choice. Engage a senior High Court lawyer. High Court  will issue direction to bank.

the bank cannot confiscate the house

it can only sell the house in a public auction to recover its dues

for that it first has to take the physical possession of the house

so the bank will have to make an application to the concerned Magistrate Court for an order for taking the physical possession of the house from you with the help of police

you cannot stop the bank from taking steps under SARFAESI merely because you are residing there

the bank is merely invoking its security for non payment of its dues

at the highest you can request the bank to first attach the other security which belongs to your partner as i assume that that land must be a vacant land

in any event the bank's outstanding has to be paid in full

you can later on recover the share of your partner in the outstanding amount paid by you, by filing a suit against him 

You have to file an application before the DRT seeking an order of injunction restraining the bank from selling your residential property, stating that you are ready to make payment of 50% of the dues to the bank.

If the said property has become NPA then Bank has right to receive possession of the same. You can at the most try to seek stay from drt

The SARFAESI Act allows banks and other financial institutions for auctioning commercial or residential properties to recover a loan when a borrower fails to repay the loan amount. Thus, the SARFAESI Act, 2002 enables banks to reduce their non-performing assets through recovery methods and reconstruction.

Under section 13(8) of the SARFAESI Act, the right of redemption is available before issuance of sale notice.

SARFAESI Act Section 17 provides that borrowers can approach the Debt Recovery Tribunal to rectify their grievances against the creditor

But please note that any asset, i.e. movable or immovable, given as security by way of hypothecation, mortgage, or creation of a security interest in any other form except those excluded under Section 31 of the Act are covered under the SARFAESI Act.

The borrowers are liable to repay the loan amount jointly.

You can make a request to the bank to first attach the other security which belongs to your partner if it is a vacant land  after which you can pay the balance amount from your side as your share in the loan.

Dear client Right to shelter is fundamental right under Article 21 being right to life. File a writ in High Court for exemption of residential house from attachment and auction as loan is also secured against open prime land, bank has to proceed first against non-residential property when there is choice.

- Since, two properties are mortgaged for the said loan amount , then the bank cannot recover your property only for the recovery of the loan amount. 

- You should send a reply of the legal notice under Sarfaesi Ac, after stating that you want to pay the 50% amount of the loan amount , and ask for the release your mortgaged house documents . 

- As per the RBI, the bank should give proper time and offers for the settlement of loan amount. on the ground of health and sudden loss.

- Hence, the bank cannot proceed for auction of your property without taking your consent of payment.