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  #1  
1st September 2016, 12:42 AM
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Whether bank will sell my house in auction if unable to repay back the loan amount on time?


Hello sir, I want to take admission in degree course but I don't have sufficient money to expend on study. I want to apply for an education loan against of my house. But, my friend told me that if you could not pay the amount of loan on time the bank will sell your house from auction sale. Is it true or bank gives us grant on time to repay the amount?




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  #2  
10th September 2016, 11:49 AM
SudeepKumarSaha
Senior Member+++++
  
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Whether bank will sell my house in auction if unable to repay back the loan amount on time?

The bank will not directly sell your house if unable to repay the loan. First, the bank will send several notices to start the repayment. If you fail to do so, the bank will send a legal notice. You need to respond to it and can appear for a trial in court. If you lose the trial or do not respond to the legal notice, the bank has the discretion to auction your house.
Do you have any question? or have anything to say?



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