Take action against IDBI Bank for sanctioning the home loan without legal verification and misusing.
Querist :
Anonymous
(Querist) 07 December 2010
This query is : Resolved
I, Joseph Kiran Pasala, working as a Software engineer, Hyderabad. I bring forward you the problem that I am facing with IDBI bank.
In November 2009, I have purchased a flat at Hitech city, Hyderabad, for which IDBI bank has sanctioned me a home loan. I was paying my EMI's up to date regularly.
In March 2010, I came to know that the property which I purchased was illegal. The property was sold to me by impersonating bogus land lord, builders and by creating forged documents which IDBI bank has thoroughly verified legally and issued me a home loan for the same.
After knowing that it is a fake property, I went to IDBI bank in person and asked them, how this can happen, as you have legally verified and sanctioned me a loan. They told that they will be suspend/dismiss/sack the IDBI employees who are all involved in it, but you need to pay the loan amount. They were also saying that somebody was living in that fake property from the past one year. Then I questioned them, if someone is living there from the past one year then how did you sanction me a loan? Still they insisted that, they will suspend/dismiss/sack the employees who are all involved in it.
Personally, I have enquired with one of the IDBI bank representatives about my loan sanctioning was illegal, he was also saying that ICON services(who processed my documents) is the most corrupted services, that they do anything (corruption) for sanctioning the loan. The fake owner/builders has colluded with the bank services and sanctioned the loan to my profile. I can give you the person name on request.
After paying 7 EMI’s, I have passed the instructions to my citi bank to stop payment of the EMI’s for the fake property at Hitech city.
I have started investigating personally and found that the fake Owner/Builder has bribed the bank employees and sanctioned loan to my profile without proper verification. I can mention the IDBI employee’s names who have taken bribe, with evidence on request. More over the employees of IDBI bank them self accepts that some of the services/employees are misusing the office and corrupted. I can give you all the details on request.
Five years ago, I have taken the home loan for another/different property in Hyderabad with the same profile. I have been paying the EMI’s for that property without fail till date; till now my track record is very good without any cheque bounces from the past five-six years. My banking track record is very good.
Trusting IDBI bank, I have processed another housing loan for the property at Hitech city. But unfortunately the fake owner/builder in collude with the bank associated members has cheated me by sanctioning me a loan on fake property. Trusting the bank I have paid the fake owner/builder 13 lakhs on top of the sanctioned loan amount.
Now the bank has started harassing and sent me a notice stating that they will be taking over the old property as I have stopped the EMI for the new property. I did not put the old property as a collateral security or mortgage or any other link with the new property. The loan was sanctioned purely on my profile base, then how the bank can take over the old property for their mistake. Which law says, even from the side of bank mistake I need to bare that?
As my old property is my hard earn property of my life time, they wanted to take over, for which I am not able to digest and leads me to frustration, I am not able to bare the mental tension/torture of the bank for their mistake. It leads me and my family to suicide. Please understand my mental torture and put me out of this issue.
A week ago I came to know about RESERVE BANK OF INDIA – complaint schemes by which my wife and I have hopes of living again. I request the bank to return all my EMI’s which I have already paid and all other expenses spent on the fake property (registration fees, processing fees etc) and my old property.
Therefore I pledge/request your good officers to look into the matter and take action against the IDBI bank as per law and do justice to me. Thank you for your support.
Thanking you
Devajyoti Barman
(Expert) 07 December 2010
Lodge complaint to the Ombudsman or the Consumer Forum u/s 12 of the consumer protection act.
Querist :
Anonymous
(Querist) 08 December 2010
Thanks Devajoyti Barman. What do you say, is it not Bank's mistake that they have sanctioned me a loan on fake.
Parthasarathi Loganathan
(Expert) 08 December 2010
Though such instances are plenty it is also the duty of the borrower to check and ensure genuineness of the title. Bank can only initiate for recovery of loan if it is established that you are victim of the deal and there is no malaise involved. Since the property documents are subject to scrutiny by the bank before they are accepted for mortgage, the panel advocate and all concerned will be brought to books for the negligence or all omissions and commisions
