ORDER

By Jayasree Kallat, Member:
The petition is filed by two complainants, Sri. B.P. Raveendran and his wife K. Girija. The case of the complainants is that they had taken housing loans HLMIG 5/96-736 and HLMIG 7/2-758 from the respondent bank.. The petitioners were informed at the time of taking loan that interest rate will change according to the directions of Reserve Bank of India. When the interest rates of housing loans were reduced by banks and other financial institutions petitioners had requested the opposite party, Branch Manager to reduce the rate of interest. They were informed that it is not possible because the loan sanctioned was on fixed rate basis. The petitioners got information that there is Circular No.6/2004 dated 6-1-04 which, directs to convert fixed interest rate to floating rates. Accordingly the petitioners had applied for reduction of interest rate. On 3-9-04 when the petitioner No.2 went to the bank, Manager told her that as the loan sanctioned was a floating loan, there is no need to change the same. It is only required a letter to change the interest rate. The petitioners are entitled to get the interest rate reduced when it is reduced by the competent authority. But the opposite party had denied this aspect. Petitioners had submitted a representation to the Regional Manager, regarding this matter. The Regional Office of the opposite party allowed this request of the petitioners and directed the respondent to reduce the interest rate. Whenever interest rates are modified or reduced it is the duty of the respondent to inform the customers and to give effect to such variations. The respondent had never informed the petitioners about the floating rates and did not give benefits to the petitioners. This is deficiency in service and petitioners sustained loss due to opposite parties’ deficiency. The opposite party had given reduction on 18-10-04 but it is only Rs.1081/- and Rs.1154/- respectively in the two loan accounts. Petitioners are entitled to benefits of reduced rate of interest from the date of reduction itself, which would come to a sum of Rs.10000/- according to petitioners’ calculation. Respondent had also collected Rs.200/- from the petitioners towards inspection fee. But opposite party did not conduct any inspection. So opposite party has to refund this amount. The opposite party has adopted illegal and deficient banking service. Hence this petition.

Opposite party has filed a version denying the entire allegations in the complaint except those that are expressly admitted. Opposite party admits the fact that complainants have availed two loans from the opposite party bank. The first loan was for an amount of Rs. 1,00,000/- and the second one was for Rs.90,000/-. The rates of interest were 14% and 10.75% respectively. The rates of interest of respective loans had varied as RBI made the changes in the rate of interest. For the first loan the rate of interest was reduced from 14% to 13.26% with effect from 1-6-98, then to 12.25% with effect from 10-8-2000 later to 12% with effect from 5-3-01 and finally to 11.5% from 1-4-04 onwards. In the case of the second loan the rate of interest shown in the loan papers was 10.75% the bank has charged only 10.50%. This was because the bank received the circular regarding the reduction of interest rate from 10.75 to 10.50 only later. If the rate of interest that the loanee was paying for the loan is to be reduced he has to make a request to the concerned branch of the bank. The branch recommend to the Regional office about the request if there is no over due. The competent authority has the discretion to decide whether the interest rate has to be reduced or not. In this case the complainants had given a request to convert the loans from fixed rate to floating rate. The bank after a perusal of the records came to understand that the loan availed by the complainants were floating in nature so there was no need for any conversion. Hence the complainants were asked to make a request to the branch to get the interest rate reduced. But the complainants had approached the Regional Office with request to convert the loan to floating rate. The branch appraised the Regional Office regarding the misunderstanding on the part of the loanees. So the Regional Office asked the branch to treat the complaint filed by the loanee as a request to reduce the interest rate and if they satisfy the condition recommend them for a reduction. The branch recommended taking this case as a special one for reduction of interest rate with effect from 12-4-04, the date on which the loanees mistakenly requested a conversion instead of a request to reduce the interest rate. The rate of interest was reduced to 8% in the case of the complainants. The reduction of interest when made effective by RBI was incorporated with retrospective effect in the loan accounts of the complainants, as and when the circular of the changes were made available to the branch. There were no latches on the part of the bank in implementing the changes made to the rate of interest by the RBI. The complainants have not suffered any loss. The opposite party denies the allegations in Para-3, Para-4 and Para-5 of the complaint. It is not correct to say that reduction of interest given only for a short period. The complainants were given the benefits of reduced rate of interest as and when it became due to them. So there is no question of the complainants losing any amount. It is not true or correct to say that the opposite party has unnecessarily collected an amount of Rs.200/- from the complainants towards inspection fee without any inspection being conducted. Periodic inspection is conducted and the bank is entitled to charge for the inspection. The methods adopted by the opposite party were not illegal and deficient in banking service as alleged by the complainant. The opposite party denies these averments made in the complaint. The relief claimed by the complainant can never be granted and the complaint is to be dismissed with costs to opposite party.

The points to be considered is (1) whether there was any deficiency on the part of the opposite party.? (2) Whether the complainant is entitled to get any relief?

No oral evidence adduced by both parties and no documents marked on both sides.


Point No.1:

According to the complainants they had availed two housing loans from opposite party. The complainants alleged that opposite party did not reduce the interest rate as and when reduced by RBI and the complainants have pointed this factor as deficiency banking service on the part of the opposite party. But the complainants have not produced any concrete evidence to show that the opposite party was deficiency in their service by not reducing the interest rate as and when changed by RBI. The complainants themselves have agreed that opposite party has changed the interest rate in both the housing loans on 18-10-04. According to the complainants the reduction of rates of interest should be calculated from the date of reduction made by RBI. The opposite party has argued that the reduction of interest when made effective by RBI was incorporated with retrospective effect in the loan accounts of the complainants in the opposite party bank. According to opposite party if the interest rate that the loanee was paid for the loan has to be reduced he has to first of all make a request to the concerned branch of the bank from where the loan was availed. This request can be recommended by the branch to the regional office. Then the competent authority has the discretion to decide whether to reduce the interest rate or not. In the case of the complainants they had requested the regional office to convert the loan from fixed rate to floating rate. The opposite party had taken the case of the complainants as a special one and the branch recommended the interest rate may be reduced which came to effect from 12-4-04 the date on which the loanees mistakenly requested for a conversion instead of a request to reduce the interest rate. According to opposite party the rate of interest was reduced to 8% in the case of the complainants. Taking this aspect into consideration the Forum has come to the conclusion that there was no deficiency on the part of opposite party.

Point No.2:

As the Forum has arrived at a conclusion that there was no deficiency in service on the part of the opposite party, we are of the opinion that the complainants are not entitled to get any relief.

In the result the petition is dismissed. No order as to costs.

Pronounced in the open court this the 17th day of March 2009.

Sd/- Sd/-
PRESIDENT MEMBER

// True Copy//

(Forwarded/By order)

SENIOR SUPERINTENDENT.

Dear Sir,
I have one query related to housing Loan. I have purchased a house and want to
register it on the name of my mother who is a non earning member. Now I want a
housing loan to purchase these house. All bankers are telling me that you cannot
register this house on your mothers name. You have to register it on yours name only
than we can loan upon it.

So can you suggest me that they are correct or not.

Thanks & Regards,

Sunil Laddha
M.No.9460243523
Udaipur Rajasthan

I am Darshana M Tank (Contact no - 9820486281) , Me and my husband Jitendra M Tank visited the Agents Called Shreyas Enterprises at Shop No 3, Samrat Shopping Centre, Manvel Pada Road, Virar, Thane - 401303 Contact no given are-- 9321551509//9322439802//91-(250)-6962272We had applied for home loans with Shreyas Enterprises. Who acknowledge us that within 7 working days we will get sanction letter from DHFL Bank for home loans. At first they treated very well but than the process started of harrassing. We use to call them for status of our loan but when ever we called they use to tell that we need more paper. So we use to give them the same as it was required. But once Mrs. Deepali Chavna (Chq name by Deepali Panchal ) (Contact no 9321551509 ) deducted the amount of Rs- 8000/- she stopped replying us. We called her continously but she rejected our calls. So we use to call Rupesh her assistant. It is almost 1 1/2 month this is going on we are harrased by this people. Now neither she is returning the money nor doing our work. Once she messaged us to give cheque in the name of Khushi Finance for amount Rs- 3250 which was not refundable as we have already gave her 8000/- and there was no response so we denied to give her any other cheque. Since then she is not responding our calls. She is just neglecting my calls. Can you please help me by getting my amount back. Do take serious action against his types of cheaters.

when you know darshana tank (9220550189) fraud documents no one can help you with the loan after doing frauds things for loans you people blame others,,,,given all fraud doc....also not ready to pay bank processing fees..... first check you fraudness and then blame others.....shreyas enterprises does not deal with fraud cases... be clear when you go to some other company...give you original doc....I heartly request to take strict action against this consumer wherin even after giving fraud doc ....they blame other company.... also request to all consumer ....shreyas does not deal in fraud cases ...soo pls dont come to us when you have fraud doc ....and also we are not here to give free service calling person ...again and again we need to pay wherin we take all our duty charges ...if still genuine people come to us we are ready to help ...so first ask the consumer when they complaint abt the company .....whether they were right and yes if i get this coment again i will take strict action against it....

I am Darshana M Tank (Contact no - 9820486281) , Me and my husband Jitendra M Tank visited the Agents Called Shreyas Enterprises at Shop No 3, Samrat Shopping Centre, Manvel Pada Road, Virar, Thane - 401303 Contact no given are-- 9321551509//9322439802//91-(250)-6962272We had applied for home loans with Shreyas Enterprises. Who acknowledge us that within 7 working days we will get sanction letter from DHFL Bank for home loans. At first they treated very well but than the process started of harrassing. We use to call them for status of our loan but when ever we called they use to tell that we need more paper. So we use to give them the same as it was required. But once Mrs. Deepali Chavna (Chq name by Deepali Panchal ) (Contact no 9321551509 ) deducted the amount of Rs- 8000/- she stopped replying us. We called her continously but she rejected our calls. So we use to call Rupesh her assistant. It is almost 1 1/2 month this is going on we are harrased by this people. Now neither she is returning the money nor doing our work. Once she messaged us to give cheque in the name of Khushi Finance for amount Rs- 3250 which was not refundable as we have already gave her 8000/- and there was no response so we denied to give her any other cheque. Since then she is not responding our calls. She is just neglecting my calls. Can you please help me by getting my amount back. Do take serious action against his types of cheaters. Once they gave us cheque which got bounced reason by bank HDFC that "Account was closed". They are threatening us to do what ever they will not give our money back.

Dear Friends,
I have take loan of Rs 9 lac for home for 25 year, for Getting Loan i debt by 35000 Rs for Loan processing, loan morgage etc , By Union Bank of India, current they telling me to pay the one time primimum of rs 29000 as one time for Home loan insurance is same needed by Banks Or they are Marketing there product to me. & What are suggestion for same for same Home loan insurance is valid. your suggestion are most welcome

I am Darshana Tank, this people are big cheaters, they are here only to take money from people and fill thier pocket. I came in contact with one more person who is cheated by this frauds. Now she blames us that we have given her wrong doc. Documents are all original. She was just interested in our money nothing else. She was asking for blank cheque but we didn't gave her, Thanks to God for that. Please you do not deal with this Fraud Company

DARSHANA TANK AND JITENDRA TANK BOTH ARE FROUD, THEY CAN ANYTHING DO FOR FINANCE, THIS TWO PEOPLE ARE GIVE FROUD DOCCUMENTS FOR LOAN. when you know darshana tank (9220550189) fraud documents no one can help you with the loan after doing frauds things for loans you people blame others, , , , given all fraud doc...also not ready to pay bank processing fees... first check you fraudness and then blame others...shreyas enterprises does not deal with fraud cases... be clear when you go to some other company...give you original doc...I heartly request to take strict action against this consumer wherin even after giving fraud doc ...they blame other company... also request to all consumer ...shreyas does not deal in fraud cases ...soo pls dont come to us when you have fraud doc ...and also we are not here to give free service calling person ...again and again we need to pay wherin we take all our duty charges ...if still genuine people come to us we are ready to help ...so first ask the consumer when they complaint abt the company ...whether they were right and yes if i get this coment again i will take strict action against it...

Dear Sir/Madam,

I took a Home loan of 21.8 Lacs from one of the private Banks. My started paying my EMI from Dec'2010 for FULL loan amount though I have availed 12Lac amount only as of now. # days back I have asked bank to release another 4lacs to the builder for completing Brick work milestone. Now the bank has release the 4lac and asks me to pay extra 2000 rupees as interest on 4 lakhs sanctioned. I have 3 Questions

1.Can any1 please tell me why should i pay this extra interest amount for this 4 lakhs when i'm paying EMI on full loan.
2. The EMI is being directly deducted from my salary.The bank official says that this amount will be adjusted but how they are not giving me any clarity.

I had applied for home loan in your bank at jodhpur, rajasthan on 31/05/2011. Before this I had taken loan from ICICI bank pvt ltd. I cleared my loan account from icici bank on 07/07/2011. I had deposited my original documents in your bank, but till today I haven’t got any information or loan check from your bank . the loan has been sanctioned 9 lakh Rs.
Kindly see to my request and take actions so that I get my loan paid.
Your sincerely,
Shyam lal Sharma.
A-79 rameshwar nagar
Basni Ist phase
Jodhpur(Raj.)
9414476681

Getting our new mortgage loan with Allied was the most painless loan process we’ve ever had. We’ve bought houses before and trust me, it was a nightmare! Allied, you’ve restored my faith in the home loan process.If you would like to know more about loans visit: alliedcorphome.com/ahunt site.

Hi, I have borrowed a housing loan from Federal Bank which introduced base rate interest regime in July 2011. Finding the RoI under base rate regime lesser than BPLR regime, I requested the bank to change the interest regime for my housing to base rate. The bank initially refused to do so but later took up my request & after a lot of follow ups sanctioned base rate regime for my housing loan but to my shock the RoI was not in accordance with what was published in the bank's website.

Under base rate regime, (i) bank sanctioned RoI is <BASE RATE + 2.25% spread> (this came upto just 0.5% lesser than BPLR-linked RoI)
(ii) RoI as per bank's website is <BASE RATE + spread of 0.75% or 1.25% depending on the rating given by bank>

I approached the bank highlighting this deviation but the bank refused to comply in this regard and was careless about its violation.

Please advise if I'm right in demanding the RoI as published on the bank's website and the course of action to be taken by me to get this in place.


Mohan,
99866 96794

I don't have any complaint about it, but I just give a suggestions to every bank.
i just want him to please less your home loan interest, because a common man could not afford the big installments and they also want to get their own house in india. So please take a action on it as soon