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Home / Legal / Who will take possession of a property mortgaged with a bank if I cannot repay the loan on time?
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Who will take possession of a property mortgaged with a bank if I cannot repay the loan on time?

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1 2020-10-05T11:53:38+00:00
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If your property is mortgaged with a bank and if you cannot repay the loan amount on time, the bank has all the right over your property. According to the Sarfaesi Act, 2002, banks may take over the physical possession or handle of the mortgaged asset and can sell or transfer the possession to the purchaser without the interference of a court or any third party.

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