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Ashish Kalra   16 June 2017

Buyer taking loan from sellers bank

Hi

After seeking advice from this forum i have applied for loan from same bank(DHFL) as mine sellers Bank(DHFL). I had sanction letter of HDFC as well but they were demanding my father's property papers as guarantee so i completed DHFL formality. My loan in DHFL also got sanctioned and today i signed the agreement also. But to my surprise DHFL is also now asking for father's property as guarantee. While signing agreement they have taken 10 blank cheques on the name of DHFL. Also taken outstanding loan cheque from seller also. Now they are telling that approval requires father's proper guarantee paper. The property in question is a resale property of sector-34 noida. Please help.Is this the legal process or i can complain at DHFL head office for such kind of treatment. My time has wasted because of this. As far as my common sense says same bank shouldn't do this as property papers are lying with them.

Regards

Ashish Kalra



Learning

 5 Replies

Ms.Usha Kapoor (CEO)     16 June 2017

Approach Bank Ombudsman. If that doesn'rt work approach DRT

1 Like

G.L.N. Prasad (Retired employee.)     16 June 2017

Any financial institution can insist for sufficient collateral security, it is at the discretion of the institution.

DHFL is not a Bank and it is NBFC and Banking Ombudsman is not proper forum.

In case of mortgage also, personal guarantee from the owner is insisted in all Banks and NBFC, to ensure that incase of some problems in mortgage, institution can also proceed against guarantor.  This is common and not unusual.

Either you accept the term or approach another financial institution.

Mere seeking a guarantee from the person who mortgaged the property is not a crime and is within your hands.   If you can not convince your father in your own interest, do not expect any strangers will help to bar the laid down clause for your convenience and interest.

DHFL response to customers' grievance is poor as per the past records.  

Ashish Kalra   16 June 2017

Does that mean a person who doesn't have another property can't apply loan.....as far as guarantee is considered I believe sellers outstanding amount cheques are sufficient. How come DHFL initiate any process without telling this clause up-front.. Why this shocker is so late when sale agreement date is so near.

G.L.N. Prasad (Retired employee.)     16 June 2017

1.Does that mean a person who doesn't have another property can't apply loan

Please do not assume things that are not said.  The owner of a property has to sign as guarantor also is the norm.  Confine to this guidance alone.  There are crores of loans sanctioned without any security but not not a single personal loan can be sanctioned without personal guarantee.

2..as far as guarantee is considered I believe sellers outstanding amount cheques are sufficient

Laid down Norms /system/procedures are not based on borrower's beliefs.  There is no guarantee that all cheques will be honored on presentation by all borrowers in general.. If the belief is true, there is no necessity to take any third party guarantee or security at all.

3..How come DHFL initiate any process without telling this clause up-front.. Why this shocker is so late when sale agreement date is so near.

Some general terms and clauses such as the person who offered mortgage has to stand as guarantor also need not be stated in sanction term and borrower has equal responsibility to know the things.  Still the doors are open, if there is any other financial institution that can finance without taking guarantee of the person who mortgaged the property, you can go for it.

1 Like

Kumar Doab (FIN)     16 June 2017

The detailed and exhaustive replies by Shri G.L.N.Prasad are appreciated.

 


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