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Can bank seize our property under SAFAESI act?

Our default amount is Rs. 300000. Can bank seize our property under SAFAESI act?

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Advocate By LEAD INDIA Answered: 06 Dec 2023

SAFAESI Act allows banks to take action against borrowers who default on loans exceeding Rs. 1 lakh. If your outstanding loan amount is less than Rs. 3 lakhs, your bank cannot seize your property under this Act. For further Contact us on helpline number.

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