Legal Question in Real Estate Law in India
Housing Loan
I have Housing Loan with Citi Bank.I want to shift from Citi Bank to Indian Nationalised banks. But Indian Nationalised banks are asking Openion letter on my account and No objection letter but Citi Bank are not redy to send the letter . In this situation how I can switched to Other Bank, No EMI are pending Every thing in Good track
2 Answers from Attorneys
Re: Housing Loan
Whatever your nationalised bank is asking appears to be usual delaying methods. How does opinion of citi bank matters to your nationalised bank? Further, if citi bank loan is repaid by fresh borrowing from nationlised bank, where does question of no objection arises? What your nationalised bank ought to have done is as follows - (1) Sanction you a loan in principle subject to condition that same would be to the extent of amount required to foreclose citi bank loand and you should use the same only for repayment of loan of citi bank, (2) Ask for foreclosure amount of a particular date say 1/6/07, (3) Issue a Pay Order or Demand Draft in favour of citi bank of that amount, (4) Tender said Pay Order or DD to Citi Bank and get your original documents with full satisfaction documents
Re: Housing Loan
Citi bank is known for illegal activities specially for causing harassment to customer.You all papers are to be seen including correspondence with CITI bank if any to suggest the measures.