We had availed a loan of Rs. 22 Lakhs from SBT (SBI), Kerala in December 2009 repayable with an interest rate of 13.25% per annum for a period of 5 years (60 instalments), last of which was paid in November 2014.
After 3 months, we asked for loan closure certificate from the Bank. To our surprise, the bank started demanding Rs.3.56 Lakhs from us saying it was due from us. We repeatedly asked them as to how this big amount is due from us. The Bank could not give any satisfactory reply to us. They went on demanding huge amount by issuing threatening property confiscation notices. So, we filed a complaint against the Bank with the Banking ombudsman, Trivandrum. The said Ombudsman asked the bank to recalculate our account and on recalculation, the Bank returned the excess amount of around Rs. 19,387/- recovered from us to our Loan account as they say (They are supposed to credit the amount to our savings account but instead chose to credit into the loan account). Inspite of all this, the Bank went on demanding huge amounts defying Banking ombudsman. I had appealed to Banking Ombudsman again to enforce their decision. They gave us reply expressing their inability to help us in this matter. If they cannot enforce their decision, what is the necessity of such an institution? The Bank defied the orders of the ombudsman and declared the loan as NPA (Non-performing Asset) in the latter half of 2015 and applied SARFAESI ACT on us and issued confiscation notice on our property. The said Act can be applied only if there is default of instalments for a long time. In this case, they have resorted to SARFAESI ACT after ALL the instalments have been paid. This is nothing but criminal extortion of money.
We have another housing loan and we are paying all the instalments regularly on their own admission . They have even declared this loan as NPA and clubbed it together.
In addition to this, they have resorted to Publication in a newspaper threatening us of confiscation of our property thereby defaming us unnecessarily among our natives, relatives and friends.
I have calculated the total amount that I have paid to the Bank from the account statement supplied by the Bank. The monthly instalment actually comes to Rs. 50,400/- only. Hence the total amount due to the Bank is only Rs. 30, 24000/-. It is seen as I have stated earlier that I have paid Rs.72,000 more than required. They are illegally applying SARFAESI ACT which is NOT applicable in this case because the LOAN NEVER EXISTED after November 2014.
We possess Evidence of all the Bank statements and other Banking documents, Including Ombudsman order.
Please advise.
