Expert Answer
Question:
Do I have any rights during the recovery process?
Answer:
Yes, borrowers have several rights, including:
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Right to adequate notice: A 60-day notice before repossession.
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Right to fair valuation: Ensuring the property is valued accurately before auction.
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Right to surplus proceeds: Receiving any excess amount from the auction after dues are cleared.
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Right to appeal: Challenging the lender’s actions in the DRT.
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Right to loan restructuring: Requesting modifications to the loan terms in case of genuine financial hardship.
By Advocate BK Singh
Supreme Court | High Court | Tribunals
