charges

Querist : Anonymous (Querist) 18 September 2010 This query is : Resolved
Please guide me about the forclosure charges made by the bank on its customers. Whether it can be legally challenged or not? If yes, then on what basis. Is there any case law on this issue?

Follow Query

Report Abuse

R.Ranganathan (Expert) 18 September 2010
Foreclosure charges made by the Bank are legally valid and it cannot be challenged. It is as per RBI guidelines only. It is the notional loss incurred by the Banks.

Parthasarathi Loganathan (Expert) 19 September 2010
Yes, it the commitment by the borrower and the lendable funds are blocked as per regulatory guidelines. In the event of foreclosure, banks are exposed to loss for a personal decision of the borrower.

Sri Vijayan.A (Expert) 19 September 2010
Loan agreement is a contract.
Amount is lent on expectation of some profit for some specific period.
On unilateral decision by the borrower, the bank loses its anticipated profit.
So, in simple language, the borrower has to hormonise the damage of the other party

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries