Home loan from --given outstanding when asked for noc
Krunal Patel
(Querist) 19 October 2011
This query is : Resolved
Dear Sir,
My Father had taken Home Loan in 2003 from ICICI Bank.
We completed all installment in October 2011.
But when we went for NOC at bank they showed us outstanding statement of Rs. 57422.38
We had few checque bounce in 2007 due to family problem but had payed all amount in CASH..
Now Bank is asking for following charges
Rs. 14172 Principal O/S
Rs. 36475 Late payment penalty
Rs. 6396 Cheque bouncing + other charges
How can they charge us so much late penalty and cheque bouncing charges ??
We need to settle account as my father has already retired 3 months ago and doesn't have any source of income.
Please advice whom to approach and how can we get rebate on these penalty charges ?
Please help us with your suggestion.
ajay sethi
(Expert) 19 October 2011
when you entered into an agreement for taking loan you must have signed loan agreement . the agreement must be containing a clause as to cheque bouncing charges , penalty etc .
the said agreement has been duly signed by you . under the circumstances bank is justifed in recovering penalty charges etc
Krunal Patel
(Querist) 19 October 2011
Dear Sir,
Agreed, but Is there any way we can request bank to waive off this charges.
As when my father signed agreement he was not informed about such huge penalties neither he is too literate to understand all Clause.
Karl Jacob
(Expert) 19 October 2011
Greetings Krunal,
You may cause a legal notice to the effect that the bank should give NOC. If they don't respond, you may approach the Bank Ombudsman.
ajay sethi
(Expert) 19 October 2011
your father must be understanding english . you are not supposed to sign any agreement blindly . read the contents before signing . i doubt whether bank will waive of chequ bouncing charges and penalty levied for late payment as it is justified under the contract
Guest
(Expert) 20 October 2011
Dear Krunal,
Outstanding penalty amount can be understood, but not the principal amount, if you had already paid the amount of bounced cheques by cash, as you stated.
So, if you had paid installments in cash you must also have receipts (deposit slips) of the bank for such amounts. Show those deposit slips to the bank authorities and get your account reconciled. There may be a case they would have shown such amount under sundaries and would not have adjusted that amount against the installments due in your loan account due to lack of some information, i.e., reference of loan account etc., on your deposit slips.
Once such cash installment amounts are reconciled and adjusted in your account the late payment penalty would automatically be reduced. However, you would be liable to pay the amount of penalty on account of cheque bouncing and other charges, which you can also request the bank authorities to waive off, if possible.
Arun Kumar Bhagat
(Expert) 20 October 2011
I endorse the views of Mr.Dhingra first and thereafter of Mr. Karl Jacob.
Devajyoti Barman
(Expert) 24 October 2011
I think this is a fit case where you could lodge complaint with Consumer Forum and get compensated.
Krunal Patel
(Querist) 18 November 2011
Dear All,
Please find attached statement received from Bank Customer Care Executive, They had instructed that we need to pay total OD charges which they had kept on adding in our Account. Further asked us to visit Mumbai Branch to take assistance on settlement.
Please advice what are the ways we can negotiate and get settle on this Account. Its my sincere request to send your valuable feedback so that we can clear these Issue Thanks for your support and reply !!
Krunal Patel
(Querist) 18 November 2011
Also as per Statement all Installments are paid. But not overdue charges..
How come we check that charges levied are genuine or Not ?
Thanks
