We’ve been renting a house for three years, from May 2015 to 2018. The problem is, our landlord took a loan against the house and isn’t paying his installments. The bank is threatening to take action under the Sarfaesi Act. Now, we want to get our deposit back and vacate, but he’s refusing and doesn’t seem concerned. He’s very arrogant. We’re worried the bank will come and seize the house any minute. What will happen to us and our security deposit?

Apni Law
Apni Law
Law Forum › Category: Landlord / Tenant › We’ve been renting a house for three years, from May 2015 to 2018. The problem is, our landlord took a loan against the house and isn’t paying his installments. The bank is threatening to take action under the Sarfaesi Act. Now, we want to get our deposit back and vacate, but he’s refusing and doesn’t seem concerned. He’s very arrogant. We’re worried the bank will come and seize the house any minute. What will happen to us and our security deposit?
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Apni Law Staff asked 6 months ago

We’ve been renting a house for three years, from May 2015 to 2018. The problem is, our landlord took a loan against the house and isn’t paying his installments. The bank is threatening to take action under the Sarfaesi Act. Now, we want to get our deposit back and vacate, but he’s refusing and doesn’t seem concerned. He’s very arrogant. We’re worried the bank will come and seize the house any minute. What will happen to us and our security deposit?

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Apni Law Staff answered 6 months ago

Under the Sarfaesi Act, the bank can take possession of the house, even if you’re the tenant. You have the right to vacate and claim your deposit, but the bank can claim the deposit as part of the property. You should contact the bank and try to negotiate a settlement regarding your deposit.

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