Legal Question in Banking Law in India

Please reply me . Here sale deed is for 16lkhs to bank . But registration is for 14.4lkhs . I am the buyer . What can I do now . I was having less knowledge of registration process . Isn't the bank responsible for checking document before giving first cheque . I am having sanction letter for 16lkhs . The people from Lichfl not giving reply pls suggest me what to do .

Dear sir

I introduce myself as Kumar NRI living in Singapore . When I thought of buying a house the worst suggestion the seller had given me is to avail loan from LicHfl. Mr Jaya Prakash is appointed as authorised person to process my loan . He had given me sanctioned letter for 16lakhs in one week . I thought that LicHfl is processing in rocket speed . But he used to ask me documents one by one only when I ask him the status of the loan , finally he made it done in four months time . The seller was not happy with the processing time so he increased the price to nearly 70thousand extra . Finally I paid extra amount and LicHfl funded me 1360000 as first check issued on sellers name at the time of registration. Since the loan is sanctioned and the registration is delayed for upon my knowledge I asked them whether I need to pay any penalty or any loan adjustment is possible,they said nothing sir any emi or cheque collection is only after registration. But what happened is that without my notice they send a cheque to my account as cash adjustment, I was very much afraid of my cibil had a long conversation with JP regarding this . After registration without asking me he send another check of United insurance without my notice , the same cheque bounce happened again .

The second cheque of 240000 which LicHfl should pay me after registration has not come yet . He is saying it is not possible now . Basing on the sanctioned letter and his calculations only I planned to buy a house . I don't know why the sanctioned amount and dispersed amount varying I am not supposed to do r&d on this or I was not too much interested to do that . Straight questions u should answer me

Is there any maximum time period for your housing loans ?

Who is responsible for my cheque bounces ?

Whom shall I ask for the rest of money to be paid ?

Are all the documents from the seller are clear ? (I had a doubt regarding BPS etc)

If the amount LicHfl provided me is 1360000 why the emi is above 17k ?

Why u stopped the second cheque ?

It is not necessary for me to buy a house . I had a lot of career because of the irresponsibility from your side I faced cheque bounces . Who will correct my cibil. I was supposed to get an educational loan from sbi, I think they will think now . I love my job as it is my bread and butter .

All my planning is useless now . I will make a decision on this only after receiving a valid reply from your side .

Warm regards

kumar


Asked on 6/30/15, 3:29 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

01.06.2015

Dear Kumar,

Having read over your query not just once, but twice, I see a bitter arrogance of you having a strong feeling that others have taken advantage of your lack of subject knowledge. Firstly, each and every information is readily available online and can be accessed from any nook and corner of the world. Each and every person is the creator of his / her own problem(s) and trouble(s) in life, and that person alone is responsible to resolve them.

All the issues you raise for advice and guidance can be answered by a professional after referring to all the documentation and ascertaining the actual facts. I advice and suggest you may consult a Chartered Accountant in your locality to guide you further.

Regards,

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Answered on 7/01/15, 5:51 am


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