One person has taken finance loan and now he is not able to pay the full amount the financier is saying that they will japti the property which the person has . But the person taken finance loan in Andhra Pradesh And the property is in Tamilnadu it is possible to japthi the person property
after declaring the borrower loan as NPA the financial institution ie bank will serve notice under SARFAESI Act demanding the borrower to repay the full loan amount within 60 days. If the borrower fails to repay the full loan amount, they will follow the guidelines of attaching and auction the property as provided under the SARFAESI Act. It does not matter where your property is situated
Book a phone consultation with a top-rated lawyer on Lawfarm.