Legal Question in Banking Law in India

Re: Forgery by ICICI Home Loans

The onus lies on you to prove that the promise was breached by the Bank, which can only be decided by having a look at the documents. Have you taken a copy of the loan agreement, which you are disputing now.

Re: Forgery by ICICI Home Loans

In your case, the ICICI has committed breach of trust. Therefore, ICICI is liable to be sued for compensation for changing the interest from 8% floating rate to 8% fixed rate. Normally, the loan papers are got signed from the customers by the agents after partly filing the form. In your case when you had specifically sought for 8% fixed rate by indicating on the form then any alteration can be done only after informing you. Further even if any alteration is carried out in the form by cutting or re-writing, the same should bear your signature endorsing such change. In absence of any such endorsement, the said change is illegal and the bank authorities are liable under both civil and criminal. The act of ICICI also constitute criminal breach of trust under the Indian Penal Code.

We would advise you to first issue a legal notice to the concerned person (In this case we assume it is Mr.Radhakrishnan. Also mark a copy of your notice to the Reserve Bank of India. If need be you separately write a letter to the RBI grievance cell and inform them about the harassment being meted out to you by ICICI.

Thereafter you may approach the District Consumer Forum for redressal of your grievance.

Re: Forgery by ICICI Home Loans

Ideally you should file a complaint either with consumer forum or with Ombudsman - inquire at RBI office nearest to you - and they shall give you all ifnormation - as this will be the cheapest and most effective mode for you to handle.