Dear Sir,
The bank has financed a property to Mr. x in 2006. I have made a contract with Mr. X to purchase the property for Rs. 10,00,000/- and applied for a home loan of Rs. 8,00,000/- with the same bank. The bank while sanctioning the loan stated in the sanction letter that “ a sum of Rs. 2,00,000/- would be retained until the purchaser submit the original sale deed alongwith Permission to Mortgage”. I have agreed of the condition by writing that “ Permission to mortgage would be submitted to you as and when available”. The registry of the documents has already been completed. There is no clause in sanction letter that they will cancel the loan on non availability of “Permission to Mortgage”.
Since I have arranged Rs. 2,00,000/- from my own sources I do not require it from the bank now. The Bank is saying that since full disbursement is not completed your EMI would not be started.
The local land office of my area does not issue the Permission to Mortgage.
Now the bank is denying to raise the EMI and charging Pre-EMI Interest from me and threatening me to cancel the loan with preclosure charges.
Now my question is that:-
What remedy is available to me to secure the property.
Can a home loan be cancelled even after disbursement?
Is there any way to pursue the bank to raise the EMI.?
What would be the fate of the property in case bank cancel the loan.?
Kindly advice.
Thanking You.
MUDIT KUMAR RASTOGI
