With reference to the above we would like to inform you that we are the customer of the IDBI bank and we have applied housing loan from IDBI in the year 2010. The details of the case are as under for your ready reference and doing the needful and to provide us the justice.
Apr 2010: In Apr 2010 we have approached IDBI Bank for HOME loan for a property in GURGAON, HARYANA. We have submitted all our income, address, personal identification proofs, and Builder agreement copy to IDBI bank. After due verification of our document bank in principal has agreed to grant us a loan of Rs. 25, 00,000/- and received sanction letter from IDBI, Navi Mumbai branch. And accordingly they asked us to pay a sum of Rs. 11000/- (approx). When we enquired what for these charges, they confirmed that it is processing fees which includes Legal Charges (Title verification/Non encumbrance certificate) and other charges. We paid the said charges demanded by the bank.
Jul 2010: In Jul 2010 my sanctioned letter was expired and I have again requested for the renewal. Irrespective of my continuous follow up I have not received any sanctioned letter and after that I have received a mail from IDBI in Aug 2010 stating I will get my sanction letter in Sep 2010 and after waiting for a month when I have not received any communication then i raise the issue at Navi Mumbai Branch and then we came to know from that there were some rule changed in bank for Home Loan Processing and now we have to check your CIBIL report (might be I am wrong but as per my knowledge it is mandatory to check CIBIL report before approving loan of amount 25 lac) and after verifying that bank come to across that there was some amount (700 Rs.) due to credit card, until or unless i make that payment BANK cannot issue sanctioned letter, at that point of time my installment was due to Builder and I know how I have arranged 4.5 lac (aprox) and made the payment to builder. I cleared that CIBIL report and same was forwarded to BANK.
Jan 2011: In JAN 2011 again I have requested for the renewal of sanctioned letter and in the request it was clearly communicated to IDBI bank that my next installment is due in Feb 2011 and after receiving Demand letter from Builder I have communicated to BANK on 15th Feb 2011 and requested for completing all the formalities for the disbursement of payment. After due verification of our document bank in principal has agreed to grant us a loan of Rs. 15, 00,000/- with sanction letter dated February 22 2011 from CBD Belapur,Navi Mumbai branch.
Accordingly as advised by the bank we singed the Agreement (Only singhed by us (me & my wife)) with bank by paying requisite duty charges on 07.03.2011 at Navi Mumbai branch and it was communicated to us that after receiving TPT (agreement between BANK & BORROWER & BUILDER) we will move further.
When TPT was send to Builder he raised some issues, after taking a legal advise and which I also feel are very valid issues are communicated to IDBI bank with written concern raised by BUILDER on mail and Builder contact person name & phone number were also communicated to IDBI bank for there reference to sort out these issues.
But there were no effort made by IDBI bank to resolve these issues, they have never made any contact with BUILDER to mitigate those issues.
Please find some of the issues raised by BUILDER :
1) [TPT Words] The Party of the Second Part(Borrower) and the Party of the Third Part(Bank) and the Party of the First Part(Builder) have also entered into separate agreements. [MEANING of this Word] This point states following thing a) Borrower & Bank are in agreement. b) Borrower & Builder are in agreement c) Bank & Builder are in agreement. . [BUILDER Concern] Bank & Builder are not in any agreement, how BUILDER can accept this point
2) [TPT Words] The Borrower shall be obliged to make the payment of all dues before taking the possession and/or getting the conveyance deed registered, whichever is earlier. The Bank, however, in its discretion, may allow further loan facility upon terms to be determined in its sole discretion at that time.. .[BUILDER Concern] Whose dues need to be cleared Bank or Builder as Borrower is obliged to make payment to both Builder and Bank (because Borrower is taking LOAN from Bank & payment of BANK dues will be after 15 year)
TPT is Bank document if there are issues in TPT it's BANK responsibility to sort out the issues not me. All the concern raised by BUILDER are small in nature.
I have already missed BUILDER payment date (5-Mar-2011), now I have to pay 24% annual interest to builder on due amount.
It’s almost 4 week I am putting my all effort to close these issues but I am not getting any support from IDBI bank.
It will be appreciated if you please suggest us how to move ahead & what legal action can be taken against bank.
I have raised a written complaint with navi-mumbai branch on 19th Mar 2011.
22 March 2011
You can immediately take the matter with their controlling office looking over Home Loans in writing and also in person. If the effort fails , the matter should be brought to the notice of Banking Ambudsman in the nearest office of Reserve Bank of India.