Legal Question in Banking Law in India

HDFC Home Loan

Hi,

First, please accept my thanks and appreciation for such a help online. I had secured a loan of 35Lacs from HDFC. I opted for a tranched EMI. 28L were disbursed and 7L are pending. Few months later, some EMIs were not paid as I was laid off my job. However the backlog was only 3.5 instalments. In between we paid all the EMIs in bulk. I paid off all when I got a new job. In the interim, HDFC decided that they are not gonna give me the bal 7 lacs. Can they do that? Now we dont have any choice. They have reported me to CIBIL. I have been paying EMIs on 35L and they havent given me any document stating that since they have given 28L, the EMI difference will be deducted from the principal. How do we get the balance amount? Any way that u suggest? No other bank would help us in this situation. The Recovery Manager and the Branch Manager � due to their serious miscommunication did us in. We had told the RM everything since we did not want to keep the bank in dark. The BM says he does not know anything coz nothing was told to him! What can we do in such a situation? Is there anyway out? We are paying for a house which we wont get. Please help!!

I would appreciate your help and advice. Its our hard earned money!!


Asked on 1/07/09, 12:54 am

3 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: HDFC Home Loan

YOU may first make a written representation to the Bank clearling making your demand. A copy of this representatin may also be sent to the higher authorities of the Bank as also the RBI and the Banking Ombudsman of your area.

If you fail to reach an amicable settlement through negotiations and representations within a stipulated period say about two months, you may approach the Consumer Court of your area for appropriate relief.

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Answered on 1/07/09, 8:10 am
J. Radhakrishnan independent Practice

Re: HDFC Home Loan

Make a representation addressed to the chairman of the Bank putting all the facts and the aberration in paying EMIs since rectified by bulk payment and requesting him to disburse the balance of the loan. Reporting to CIBIL is no big deal. If you don't get relief, make a complaint to the Banking Ombudsman appointed by the RBI. You can make a complaint on line also. you can access the details of Ombudsman from Reserve Bank website.If you don't get relief from Banking Ombudsman, you can still approach the consumer forum for necessary relief. Pl. take the help of a good lawyer of your area in putting forward your pleas in an effective manner.

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Answered on 1/07/09, 9:37 am
Prof.Somnath Mukherjee s.mukherjee associates,09874053359

Re: HDFC Home Loan

I advice you to give a written complain to the higher authority atfirst and give them a stipulated time then you file a suit both in civil and criminal court.You may also file a suit in consumer forum regarding this matter

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Answered on 1/07/09, 9:40 am


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