Finance Ministry permits HFCs above Rs 100 cr to use to SARFAESI law
The Ministry of Finance has given its allowance to housing finance companies (HFCs) with asset sizes of more than Rs. 100 crore to recover the dues using SARFAESI law.
- Prior to this, Finance Ministry allowed HFCs with assets over Rs. 500 crore to use SARFAESI law to recover dues.
What is SARFAESI Act 2002
SARFAESI Act 2002 allows banks and other financial institutions to auction residential or commercial properties (of Defaulter) to recover dues or loans.
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