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can a bank cancels loan after disbursal??????


I have applied for a home loan with the Axis bank & my loan for the amount of 23lakhs was sanctioned to me,I have received the sanction letter as well from the bank.My loan was in process of disbursal where the bank was supposed to give the part payment of 11lakhs since the building is under construction.Meanwhile before a month ago, I had joined Axis Bank on a certain profile, but due to some reason I need to leave Axis & join some other organisation . Now when I have put my resignation, Axis is saying that they will have to cancel the loan, I am even ready to provide them with my new income proof but they are threatning me to cancel the loan. On the other hand , when I asked them what if I continue the job with Axis, the answer was if you continue the job,ur loan would be as it was going on but if I leave it will be cancelled.I would like to mention that this is a normal Consumer loan & not a staff loan.Is it fair for an organisation & its people to behave this way just to retain an employee. Can a bank cancel the loan on this grounds? Isn't the bank harassing me as an employee as well as a customer?? What can be done in this case?

 
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bank can not cancel your loan but you have to submit your fresh income details and documents required for the loan, you can approach court of law  if bank will force you to remain in this job or cancel ur loan.


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legal consultant (9867264707)

Dear pinki you can look into agreement contents of your loan , That will give you clear picture . No bank can cancell loan on these grounds . If you are willing to pay the loan .

 
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legal consultant (9867264707)

loan is on present salary if  you are getting paid more than present you can  add that as your defense that you are capable for paying the loan .

 
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Lawyer

check the loan agreement and the bank rules in this regard

 

the policy adopted by the bank and the RBI guidelines are also relevant.

 
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Advocate

A person joined the bank one month back and later left the said bank for some reason within few days. Bank is justified in refusing the release of the loan already sanctioned, since the bank may be doubting the consistency and integrity of such a person for repayment for a long period as being allowed for housing loans.  The person did not disclose all the facts with respect to the sanctioning of the loan, later joining in that bank as staff and immediately leaving that bank and further joining another organisation, etc.  We can conclude only after ascertaining all the facts in issue.

 
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I agree with Shri Raju OF

 
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Mr Raju O F ,This loan was sanctioned before i joined the axis bank and is disbursed for a partial payment when i was employed with axis bank. After that due to work culture of the bank i resigned from my job. and Also its not in employee loan category. Its a normal consumer loan and in this case i think i can approach consumer forum if i am not wrong.


Please guide

 
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Advocate

In your first query you stated it as a home loan; now stated that it was normal consumer loan. A home loan cannot become consumer loan.

 
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No, No actually what I interpret is that he means that a Houging Loan can be a Normal Housing loan as a customer on market rate or a Staff Home Loan (to an employee) on concessional Rate of Interest.

His is case of - although he is a staff but he has not availed the concessetional staff home loan but a Normal Home Loan at  Market Rate (whthout staff concession, and before joining the bank).

The situation here is that the loanee is both staff as well as customer to the bank.

So, what complications can it create, this may be elaborated by experts of this forum.

 

I also want to discuss a case that if a bank staff takes Staff housing loan (on concessional interest rate) which was sanction and disbursed to him being a staff member. Later on if he resigns or the bank (employer) terminates him.

The in that case-

1)  as per service conditions all dues to the bank has to be cleared on resignation / termination.

2) As per Loan agreement clause his Concessetional Staff loan will be converted to normal Housing Loan at market rate (as available to any other customer).

The employee does not want to close the loan ac by paying back the entire amount (as so much finance is not immediately available to him). But continues to pay him all EMIs on time.

In such case, can the bank invoke SARFACEI Act, 2002, issue a notice for recall of loan and auction his property ? Whether Service condition will prevail over loan agreement clause, or the vice versa may apply and the employee will have option to continue paying EMI at the new (market) rate of interest.

 
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