The defendant availed housing Loan for a sum of Rs.8.74,000/- and Over Draft Loan (Housing) for a sum of Rs.8,76,000/totaling Rs.17,50,000/- and executed necessary loan documents in favour of the Applicant Bank. The defendants had also deposited the original Title deeds of immovable property with the applicant bank as security for the due repayment of loan availed by him. The defendants executed Memorandum of deposit of Title deeds on 13.02.2017 as Doc.No.321/2017, SRO Lalkudi. Further, Defendants agreed to repay the Housing loan as monthly installments of Rs.10,187/-together with interest at the rate of 9.20% p.a. plus penal interest at the rate of 2%p.a. together with costs and charges and the OD (HL) together with interest at the rate of 8.75% p.a. plus penal interest at the rate of 2%p.a. together with costs and charges. Further, defendants also agreed to pay interest as and when it is changed from time to time by the Applicant Bank. The defendant had executed balance of security confirmation on 28.01.2020 and on 21.02.2020 thereby acknowledged his liability. After availing the loan, defendants were not regular in the matter of repayment. The defendants made several promises, but they failed to keep up their promises. Thus the loan account became Non Performing Asset. Hence the applicant bank issued demand notice dated 23.05.2018 and possession notice dt.09.08.2018 to the defendant to call upon to pay the outstanding amount. The SARFAESI Notice acknowledged by the defendant.
