No, a bank cannot possess your property if you miss one or two EMIs, at least not immediately.

If you miss three instalments, or default on three instalments, then the bank usually sends across a notice asking the borrower to pay his dues as soon as possible. However, if you default on your instalments for six continuous months, then the bank will give you two-month grace period to make the payment. But if you still fail to make the payment, then the bank will declare your loan a non-performing asset (NPA).

Only after it has declared your loan an NPA, can the bank auction the property to recover its dues.