As per your question is concern it having a deep routed facts as well as it having a crux to open the voilations of rules framed by bank itself,you can move to court in civil as well as in consumer forum.
ICICI home loan and high pre-EMI charges
My father applied for home loan in ICICI bank and he passed away recently... the loan amount is 7.5 lacs and we paid for 13 years 13.5 lacs and only 2.5 lacs has been deducted as principal and rest 11 lacs adjusted under various names...we are high charged high interest rate under 14% where current bank rate is 9% only and they are blaming us that we had to give consent letter for decrease in interest rate but that bank changed nearly 20 times interest rate. And we are also charged a pre emi for 15 months even after final disbursement which is total of 45 months pre emi and the bank is not giving proper reply on it The initial period is 144 months and now it’s 230 months after this hiked interest charges and errored Excess pre emi Tenure As they are not giving ans I filed under banking ombudsman scheme and awaiting for solution in mean while the bank served notice under Sarfaesi act and they are giving rude answer that to talk to rbi only even on the notice but they will take over property Can you please guide on how I should proceed this issue
Asked 7 years ago in Property Law
Religion: Christian
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10 Answers
Sir in your case the loan agreement the condition of EMI and interest need to be seen. All the loan documents though need to be verified.
Further the bank without order of court cannot take away the property.
Wait for ombudsman order in the issue if the bank has wrongly charged emi and interest a consumer compliant can be filed against the bank for malpractice.
You need to have proper calculation for the same and illegal charged amounts. You can also pursue the same before consumer court. Once you get notice for sarfesi Act from bank reply it through a good advocate bringing all the aforesaid illegal charges as objections. Later before court file the same for stay. If stay is not given you have only way to approach Appellate tribunal or High court in writ petition for stay.
1) apply for and obtain detailed statement of account from bank
2) you should in reply to notice under SARFESi act file detailed reply denying that x amount mentioned in notice is due and payable by you
3) contact a local lawyer
I am not getting ,when loan was taken by father and is personal loan, why you are paying ?
You are not under pious obligation to clear father`s debt.
I think you have to relook your loan disbursement and payment statement of account the interest rate of 14% can only be charged in personal loan account this is not a home loan after considering the statement of account you have to complaint to the ombudsman regarding the unfair practices of the ICICI bank and at the same time after 15 days of your complaint to banking ombudsman you can approach to state consumer dispute redressal Commission against the ICICI Bank can make the party banking ombudsman as well to claim the compensation in such a way along with the amount excess paid as per your calculation so that the amount should be more than 20 lacs you may also claim legal charges in this regard
- As per the information mentioned in the present query, makes it clear that you have been harassed by the bank officials for no reason.
- As hey have given you the notice under Sarfasii act, I would advice you to give them a detail reply and said no to their each and every claim in a counter mode.
- And if they happen to initiate any action against you under the said act then you should file an application for the stay of the proceeds and contest the case as there are high possibility for you to come out as a winner.
- The acts of the bank officials are truly baseless, arbitrary and contrary to law.
The banking ombudsman may not be of much help to you because the bank will escape citing the relevant rules in this regard.
You may first give a reply to their notice and approach DRT for relief.
The interest charged so far and various other deductions are unjustified or exorbitant which is contrary to the conditions for grant of loan, hence you may approach DRT for relief and remedy including a stay order till the disposal of case before DRT.
Plz file a RTI application to the banking ombudsman to know status of your complaint
There is no need for any consent for reduction in interest rate. Consent would be required had the interest rate were to be hiked
Plz inform whether it is floating rate of interest or fixed rate?
You need to check the loan documents for terms regarding charging of pre emi interest
Dear Sir,
You may raise issue with Debt Recovery Tribunal or High Court. You may also lodge a complaint with Banking Ombudsman etc.
