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arvind (Promoter)     10 May 2012

Valuation report

hello there

just another question, it was a loan against property in year 2008. the new branch manager of the branch insists for re-valuation report of the property. the loan a/c ledger balance is below the loan sanctioned amount in year 2008. the installments of this loan a/c is irregular. my question is if the branch manager can ask for revaluation of the property without any written notice?

 

regards

arvind



Learning

 1 Replies

Anjuru Chandra Sekhar (Advocate )     11 May 2012

It depends on the loan agreement between you and bank.  Some clause would have covered that aspect.  You did not read loan agreement before signing.  Did you?:)

 

However if he is asking you to revalue, you can evade.  If he himself gives it for valuation to some agency on your behalf, he will pay for it debiting your Loan account.  For that bank would have included some clause in loan agreement allowing itself to debit such charges on your account.  For example, banks debit charges to lawyers, enforcement agents debiting loan accounts.  The charges are debited as per the circular issued by the Central office of the bank to them.  What if the circular fixes the charges abnormally?

 

Then despite having signed a loan agreement you can have recourse to court.  In one case involving payment of expenses to enforcement agents to the extent of 10% of recovered amount, AP High Court had given a judgment in favor of the contested borrower. 


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