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Signature not taken on loan sanction copy.

Querist : Anonymous (Querist) 19 April 2024 This query is : Resolved 
Dear friends,

I have taken home loan, in karnataka grmain bank in the year 2020. during the process , I asked about terms and conditions but they have not explained properly. only they said, within 2 year of moratorium period, I need to complete the construction of house. Banks personal have used unfair business tricks to make profit. they are as fallow.
1) 3 months before completion of moratorium period Bank have added penal charges to my loan account.
2) later, I asked for the loan sanction copy which was not provided to me after loan was disbursed, after receiving the loan sanction copy i noticed the my signature not there in the sanction copy.
3). Due to CORONA lockdown I could not able to start house construction.

I have approached Ombudsman scheme, District consumer forum and State consumer forum. but they are not at all considering the said point even though I produce the proof for the said fact, instead they focus on non-construction of house. In the order copy court says no deficiency service is found and the explanation given by complainant is not satisfactory.

So, plz help me how to deal with this kind of problem. I am thinking to file case in high court.
Normally, in banks, the repayment holiday for the construction of the house is 18 months from the date of disbursement for the purchase of land, or if the land is already purchased without finance, 18 months from the first disbursement for construction of the house.

Against this, the bank from whom you took the loan had given you 24 months but started penal interest after the completion of 21 months. Your ultimate grievance is that penal interest started to be debited 3 months ahead. The bank started penal interest after the completion of 21 months instead of 24 months, as informed to you orally. What exactly was written in the Sanction copy that was given to you? 21 months or 24 months? Your signature might not have been taken on the Sanction copy which is the usual practice. However, you must have signed a Housing Loan Agreement in which the Repayment holiday must have been mentioned along with the EMI.

If I remember correctly, for the housing loans during the Covid period, the moratorium was extended. Maybe because of that, they had given 21 months instead of the usual 18 months. Please discuss with the Bank Officials, if necessary at their Zonal Office to resolve the issue. There is no point in going to Court on such matters, which shall drag on for years and the loan taken by you continues to be debited with interest plus penal interest if applicable. I am of the view that it is a matter of communication gap between you and the bank.
T. Kalaiselvan, Advocate (Expert) 20 April 2024
You may visit the bank, sit and sort it out with the manager in an amicable manner, if necessary you can go for one time settlement or for restructure of loan.
kavksatyanarayana (Expert) 20 April 2024
You shall visit the bank and talk to the manager, if they are deaf years, you complain to the AGM of the bank.

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