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prashant (counsultant)     21 July 2010

bank of baroda

Dear all,

 here i am once again , u guys always guide me,only caz of u guys  am threw my problems, i have one home loan with bank of baroda, now i want close it so i went with full amount DD after confirming my balance amoun with advance officer.

i confirm same with branch manager, he agree the amount but refuse to give me my documents and NOC, as i was Guarantor in one computer loan of rs. 60,000 /- and the same is NPA since last three years,


pls guide me, wath are legal option i have..


thnks n regards





 5 Replies

B.P. Bhardwaj (delhi)     19 August 2010

Bank cannot hold your NOC of housing loan. but bank can sue against you and borrower taken computer loan.


1 Like

shrikant v. sathe (retired)     23 August 2010

Dear Prashant,

                           You and borrower has made agreement about computer loan, when all efforts of recovery are made bank may hold your housing original documents because you are one of the gurantor,but your guarantee amount stood only upto the limit Rs 60000/- not more than that .bank definately has a charge over your asstes, because computor loan account status is n,p.a.When borrower defaults gurantors responsibilty  starts.So bank is right.

1 Like

Kumar Doab (FIN)     23 August 2010

You may write to the bank enclosing the copy of the statement and payment instrument and to issue you all the docs you require e.g. reciept of payment,NOC,original registree etc, and ask them to record the closing of loan since payment is disbursed by you, in their office records at all concerned locations/deptts/offices, and report it to the indivisual credit rating agencies e.g CIBIL. You can apply for your credit report from the bank by paying a fee amounting to maximum of RS.50/-only as per policy of the bank.

Let the bank reply in writing.

Bank has to first conclude the legal process of recovery of loan from the applicant  as per bank manual,and then issue notice to you.

On receipt of notice you can communicate that you are willing to help the bank to locate the applicant etc.

1 Like

prashant (counsultant)     24 August 2010

thanks sathe sir,kumar sir, bhardwaj sir,

sir, i am lil confuse, is this banks or RBI's guide line ? as manager told me this is RBI's guideline and he will not release my documents till i pay compuetr loan in which i am Guarantor, i am getting diff advices, earler i was sure that manager is wrong but now sathe sir is saying he has right to hold my documents... m bit confuse, is there any other legal way,


pls guide me

Parthasarathi Loganathan (Advocate)     12 September 2010

I am sorry to state Prashant  you are jointly and severally liable for all obligations as a guarantor and bank has every right to hold your securities.  You can impress upon the principal borrower to repay the debts and the consequential effects that you are now subject to.

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