Bank refusing property documents after full closure of home loan
Sirs! My bank is refusing to release property documents even after complete closure of home loan.
They are arguing that we should clear Tarun Mudra loan, taken from the same bank.
Please advice!!
PS: The registered office address of our parternership firm is the same as our house address
Asked 7 years ago in Property Law
Religion: Hindu
Thank you sirs for the clarifications!
1, Hon'ble Murthy sir: Firstly, the home loan was taken in 2002 (wife as co-applicant). Secondly, our firm's registered address is that of our house. Yes! TWO separate loans were taken. One a home loan with my wife as co-applicant; Two a Tarun Mudra loan for our partnership firm wherein my partner is involved. (incidentally the firm's regd. address is my house address) This Tarun loan was taken last year for expanding our business activities.
2. Hon'ble Sethi sir: Yes! They are using this lien against us (some indebtedness of the borrower clause) This amounts to UNFAIR practice. This gives any bank/institution unlimited powers to HARASS customers under this legal clause, which is very, very unfair. Isn't there a legal remedy for this DRACONIAN clause??
Addl info: This said bank is famous for using 'Name & Shame tactics'. The recovery team came to our house and created a 'ruckus'. And, when questioned they say this 'method' is within their legal gambit.
Guess, we are living in a 'banana republic' with regard to these banks. NO democratic right at all.
Sirs! FINALLY...
1. Could you please suggest how to get back our documents?
2. What guarantee will these bank guys NOT use the same 'name & shame' method for this Tarun Loan (in spite of regular payments)?
3. Will changing our regd. office address OR removing myself from the partnership firm (through legal means - with ROC) give a legal edge to get back documents?
4. Any other way out??
PS: Our entire family is mentally very disturbed and genuinely feel this is plain HARASSMENT
Thanks once again!!
Asked 7 years ago