► Sir , I have home loan with axis bank and credit card, credit card was default i settled credit Card and closed,but My emi is up to date paid, no emi bounced.
Now collection manager harrassing for close account or Will take possession of property.
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2 answers
2 Answers
Oct 24, 2025
Dear Sir,
A bank can take possession of a property only under the SARFAESI Act, 2002, and only if:
The account is a secured loan account, and
The loan is classified as an NPA (Non-performing Asset) — that is, EMIs not paid for more than 90 days, and
After issuing a written 60-day demand notice under Section 13(2) of the SARFAESI Act.
If your EMIs are up to date, none of these conditions apply.
Any collection agent or manager threatening seizure is acting illegally and violating RBI’s Fair Practices Code.
Oct 24, 2025
Hello,
Please get in touch immediately for a proper and effective solution. The later you take steps the fatal it will become for you.
You can contact me through OLQ.
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