Sir,
I had applied for a loan in Indian Overseas Bank, Baranagar Branch to purchase a property in Pune. While making the application to bank, I asked to the manager for the formalities that I need to go through to obtain the loan. He said that I need to obtain a legal opinion from the empannelled lawyer of the bank and a valuation certificate. I did according to the same and applied for the loan. The project is HDFC and Axis aproved project. Moreover the land was purchased from the Debt Tribunal by the developer.
Now while giving the legal opinion the advocate has given a controversial statement. He said on the one hand that the property is free from encumbrances on the other hand he used a term that an affidafit be taken from the client that the property is free from encumbrances.......and at the end he concluded hence the bank can act upon the proposal and create and create a mortgage.
Owing to this contradicting fact the bank has turn down the proposal after with helding the proposal with them for more than one month.
Now my question to the forum is how come a bank put its borrower into suffering just becoz of the delinquency of its lawyer? I do have a substantial prove that the property is not a litigated property as well as I do have other Govt bank's as well as LIC of India loan approval letter sanctioning on the same project. Can anyone help me please how to deal with this problem???
