Demanding more money than actual due
Rohan Kulkarni
(Querist) 16 July 2014
This query is : Resolved
Dear Expert,
Please advise on following matter,
Mr.X had account with Co-op Bank for personal loan against security of plot of land,After demise of account holder, bank has served notice on legal heirs for loan obligation, Legal heirs proposed to sell the land, Loan amount was 40 lakh and Valuation report then submitted showed value of land as 55L.
Now account is NPA , Legal heirs do not getting any buyer above 40L , also Government valuation of plot is only 20L , Bank obligated to sell it for 55L (as per valuation report submitted) Which is not at all possible. Deal may settle at 40L only.
1] What is the legal course of action that legal heirs can opt.?
2] Is bank's contention stands valid ?
3] Is bank obligated to take fresh valuation report periodically to verify the actual value? Can bank demand more money than actual due ?
4] What if legal heirs paid only the amount which was due ?
Thanks in advance
Sudhir Kumar, Advocate 
(Expert) 16 July 2014
what is outstanding balance + interest?
why do you think that bank should be compelled to stick to old valuation report.
how much is demanded by bank and how much is actually due?
Rohan Kulkarni
(Querist) 17 July 2014
sir, o/s bal is 38+5 L. Valuation report submitted of 55L, Current Govt valuation is 20L.Heirs can not deal over and above 43L, & Failure to bring such buyer for 55L , heirs not getting NOC from bank to sell the plot,
According to me, though deceased person had submitted valuation on higher side [ not legal ] , bank should take revised valuation.
My question is , is there any legal ground on which heirs can object such exorbitant demand of bank over and above amount due.?
Please ask for more details if required.
Raj Kumar Makkad
(Expert) 17 July 2014
You can bring the issue in the consumer forum.
Rudrawar Narayanreddy
(Expert) 18 July 2014
Bank can demand money as per RBI Norms and by calculating interest by quarterly only.
If more money is demanded then you give complaint to the higher authorities if they too did not solve your problem. go to consumer court.
Rohan Kulkarni
(Querist) 18 July 2014
Thank You very much experts for your views.
V R SHROFF
(Expert) 18 July 2014
Demand clarification from higher authorities, for extra amt, demnded
