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Pkumar (technician)     23 November 2015

Home loan not granted

Dear forum members,

I have applied for home loan with reputed bank.

First, they provided me with a Pre approved home loan letter.( after payment of processing fee)

Next i provided them with  property papers( for which they loan is sought).

Nearly 6 months have passed and still approval letter is not issued from the bank.

My builder is asking me to cancel the sale agreement.

Can some one please guide me on this ?

should i go to consumer court ? , any legal remedies available.

regards

pKumar

 

 

 

 

 

 

 

 



Learning

 7 Replies

Adv. Yogen Kakade (+ 91 9225510883)     23 November 2015

Hi,

Assuming that you have enquired with the bank for the delay and you are not getting a proper answer.. better send a legal notice to the bank mentioning the loss caused by the delay.

Adv. Yogen P. Kakade, Pune

juryconincorporation@gmail.com
www.juryconn.in  

Pkumar (technician)     24 November 2015

Dear Sir,

thanks for your reply, 

Bank guys are telling me that they need more time for property paper verification process.

I donot agree with bank agrument, because when i applied for same loan with different bank,

they took only 10 days for sending sanction letter.

They have just wasted my time and processing fee.

Can i claim compensation for this ?

regards

PKumar

 

 

 

 

 

Adv. Yogen Kakade (+ 91 9225510883)     24 November 2015

Hi,

There is no such rule about how much time the Bank should take for verification of documents or for loan. But the time your bank is taking is certainly not justified period. And as you had applied for the loan from that bank and they have issued pre approved letter,, that clearly indicates that you honestly relied upon the bank and the bank has taken undue advantage of the same.

As you have got inconvenience and loss because of the banks unreasonable delay, you can certainly take action against the bank and send a legal notice to the bank. Find a better lawyer and send a legal notice to the bank. All the best.

Adv. Yogen P. Kakade, Pune

juryconincorporation@gmail.com
www.juryconn.in

siddhartha sinha   24 November 2015

You can claim refund of processing fees by filing a complaint with the bank. If not satisfied then send the complaint with all email/letters exchanged, to bank ombudsman at rbi. You may claim a reasonable compensation but definitely you are bound to get your pro. fees back.

siddhartha sinha   24 November 2015

Delay in sanction, delay in disbursal of sanctioned lian and delay in disposal of loan applications is a fit and proper ground to complain ombudsman.

Pkumar (technician)     25 November 2015

thank you  Yogen sir  & siddhartha sir 

Ernesto   25 November 2015

Dear Mr.Pkumar,

as you know, You can generally seek a first time home loan for buying a house or a flat, renovation, extension and repairs to your existing house. Most of banks have a separate policy for over home loans. actually there is no such time the bank should take for verification.

as you said before, they provided you pre-approved home loan letter. and back has taken advantage of you. bank gave you unconvenience and loss too. according to me, you should take action against the bank and send the legal notice to bank. if you want more information regarding laws you can also visit these sites too.

https://www.ernestogonzalezlaw.com/​

https://www.huffingtonpost.com.au/2015/10/13/online-lawyer-_n_8277848.html?ir=India&adsSiteOverride=in

smiley

 

 

 


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