Legal Question in Real Estate Law in India

Bank issuing instruction to the builder not to give the possession
Iam a housing loan customer of ICICI bank in chennai. The head of Regional manager in chennai had issued an instruction to the builder with a copy marked to me, not to give the possession of the flat which has been completed on the pretext of non availability of the sale deed. The said sale deed along with the builders agreement was deposited to the bank on 6.7.06 only after the receipt of the papers the bank had released the full amount to the builder on 27.7.06, thoug the builders agreement did not warrant it. I had written several letters from 16.3.07 till 12.12.07 and also several complaints on phone banking and on the internet banking till level 4 complaint ,when they asked me orally during the month of march 07. The bank did not answer to any of my letter or query When I submitted the papers the bank informed me that they follow oral morgage policy and hence no acknowledgement was given. On the one hand the bank in talking to me stating that they want to solve it amicably which I also agreed but till date they had not taken any steps and it is almost 30days past.Please guide me what I have to do as they had hijacked my flat illegally though iam paying my EMI's meticulously.

Asked on 5/28/08, 4:02 am

Homi Maratha N.N. Maratha & Co.-Advocates

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Re: Bank issuing instruction to the builder not to give the possession

First of all you contact a local lawyer and file a complaint in Consumer Forum against ICICI Bank and file a civil suit for damages as well.

Answered on 6/16/08, 3:18 pm

Shrichand Nahar S.V.Nahar, Advocate

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Re: Bank issuing instruction to the builder not to give the possession

You can approach Consumer Forum against the ICICI Bank. Alternatively, you can also file a civil suit for damages against the ICICI Bank.

You can also explore initiating prosecution against erring officials of the ICICI Bank.

Answered on 5/28/08, 4:18 am

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