cheating and breach of trust by Citibank in Home loan
Querist :
Anonymous
(Querist) 13 March 2011
This query is : Resolved
I have availed the required home loan from citi bank in Feb 2008. The bank Sanctioned Rs.19,00,000/-and entered into an agreement for Rs. 19,00,000/-but disbursed only Rs.15,50,000/-. I have paid the Emis on rs.19,00,000/- upto feb 2009 then with prior intimation to the bank I stopped to pay the EMIs.As the bank did not disburse the remaining amount of Rs.3,50,000/-and did not give any explanation for the non disbursement of the full and final sanctioned loan amount, despite of my repeated requisitions to them, I had to divert Rs. 3,50,000/- from my business capital to complete the deal with the seller of the flat. Hence due to shortage of funds in business I suffered huge financial losses and could not raise the finance for my business as the bank reflected my name wrongfully in CIBIL for an amt.of Rs.19,00,000/-. Hence I demanded for the compensation for the loss from the bank but the bank has neglected the matter and sent me a notice under securitisation act in july 2010,which was duly replied by me immediately.Since then nobody from the bank approaches me even for the repayment of the loan. what should I do for the compensation from the bank?
Jitendar Kumar gupta
(Expert) 13 March 2011
from your facts it is not clear that whether the loan agreement was of 19 lakhs or of 15,50000/-. secondly you have not mentioned why the bank did not release the full amount. if the loan amount is not released then you are entitled to get the remedy by filing a compensatory suit in the court.
For more information pl. call.9868529732
Kiran Kumar
(Expert) 13 March 2011
drag the matter to consumer court.
since the last notice was in the month July 2010 u still have time to put pressure on the bank.
your legal step will apply breaks on bank to move under securitisation act.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 19 March 2011
The legal dept of the bank may be sitting your notice.You have options of going to consumer court as well as DRT.The second will be expansive but quick.
