The sale deed must have been registered by you. After registration has taken place you may give a copy of the sale deed along with the original for scrutiny and verification. Why is the bank refusing.

Yes, correct what bank is saying.... firstly you need to submit sale deed registered document to bank than bank will release reimbursement cheque to party directly.

It does not take 2 months to release loan amount

2) once dale deed is executed duly stamped and registered bank should release cheque loan amount within reasonable period 

3) it does not take 2 months to obtain documents from registration  office 

4) issue legal notice to bank to release loan amount 

Hi

You can complaint to the banks ombudsman against the delayed operations of the particular bank.

 also you can opt to file a specific performance suit against the bank

Before Property registration, bank will issue a cheque of loan amount in favor of you. The bank will keep it with loan documents. On the basis of cheque details, the property will be regisitered with proper authority. After regisitration, the bank will give you the cheque.

if your bank has approved your loan and loan amount has been sanctioned but not disbursed, you can request or you can issue a legal notice through an advocate to release the amount. 

Why it is taking 2 months for registration of sale deed ? Why taking this much time ? And why sale deed is lying with sub registrar office? 

Loan release after deposit of original sale deed.

Well,  in absence of privity of contract with Bank no action on your behalf lies against vank.

2. Since no sale without consideration is valid you can file a suit for declaration to nullify the sale. 

3. In such situation bank us likely to handover the cheque to you immediately. 

It is incorrect for the bank to state in this manner.

The registered sale deed may be ready after two months also, the bank cannot refuse to part with the loan amount cheque for this reason.

You can issue a legal notice to the bank about this and demand for immediate release of the loan amount cheque.

You an approach consumer forum for deficiency in service, whereas the fact is that it may take years to get the case disposed, hence the bank may even stop further loan payments till such time the dispute is disposed. 

You may approach banking ombudsman instead of consumer forum for relief and remedy.

Yes it's deficiency of service you can claim compensation from bank before consumer court

1. See as per bank policy they release cheque only after they receive the copy of sale deed if you are buyer and taken loan from bank and may issue them legal notice so speed up the issue. Though if after notice bank fails complaint before the banking ombudsman.

1. It should not take so ling for the bank to release the amount of loan sanctioned by it.

2. Have you delivered the sale deed to bank already? If yes, serve a lawyer's notice to bank to release the loan amount immediately.

3. If bank still does not release the amount then you may sue it in Consumer Forum.

Dear Sir,

Before approaching to Consumer Court, you are suggested to serve a legal notice to bank for handing over the cheque or transferring the amount in account of beneficiary.  

1. Instead of directly initiating any type of legal proceedings against the Bank, You may prefer to obtain a Certified Copy (not photocopy) of the Sale Deed, and submit to Bank under proper covering letter.

2. AFTER above, IF the Bank still refuses to release the sanctioned loan amount, THEN you can file a grievance petition with local Consumer Court, for their harassment, deficiency, negligence and claim for damages & compensation, for the physical & mental trauma caused to you.

1. The Bank should have given you the Cheque at the time of registration of sale deed to the buyer in the Sub Registrar's Office.

2. If the loan amount funded by Bank towards sale consideration amount has not been handed over to the seller so far, that too 2 months' period is also over, then the buyer of the property would not get title to the property and the decision rests with you, whether to opt for cancellation of the sale deed and thereby transaction gets cancelled.

3. Till you get your due entire amount towards the sale consideration, do not give possession of the property to the buyer.

4.  You can complain against the Bank to the ombudsman for not releasing the loan amount towards sale consideration.

5.  You can go to Consumer Court and recover the amount due, alongwith the admissible interest.

6.  Initially you can send a legal notice to the concerned branch of the Bank for deficient service as also legal steps contemplated in the competent court to recover the amount due + damages for the inordinate delay.

It shall not take more than three working days / at the most one week to release the Sale Deed. 

However, check with the Registrar's office about the status of Sale Deed, if it is not released make arrangements to get it released through your Advocate / Agent.

If the bank does not release the cheque / issue notice to the bank demanding the release of the same within one week from receipt of your notice.

Failing which, you can go to Consumer Forum and raise your grievance for deficiency of service by Bank.

Dear Sir,

It may be due to lockdown things are not working. You can move to consumer court after analysing your agreement with bank. That is a wise and advisable step.

You have the right to claim the interest for the delayed period of payment and you can approach consumer court in this regard along with claim of legal charges and compensation

No you cannot. As the bank generally requires the registered document. 

- After the Registration taking place , then the registered documents are collected by the bank , and the bank without any further delay give the cheque of the loan amount to the seller . 

- This all process taking maximum 2 days to 3 weeks from the date of registration.

- Hence not issuing the cheque in favour of you within a period of 2 months is against the banking rule. 

- You should send a demand notice , and thereby ask the bank to release  the cheque of loan amount  including compensation for the harassment & loss occurred due to delay by the bank . 

- If no response within 7 days of time , then file a complaint before Consumer court on the ground of deficiency of services by the bank . 

- Yes, after receiving the demand notice release the cheque in favour of you for the loan amount, then after receiving the same , you can approach the consumer court for damages. 

- Further , you can also lodge your complaint against the official of the said bank before RBI , even online. 

Good luck and dont forget to rating Positively.

Ans: Have you already given in writing to the bank that you need the loan amount, for payment of the loan in the future?

If not, then please do so urgently thereafter you can proceed to take any further steps. 

What was the reason for refusing the cheque?

If bank has given any written assurance regarding issuance of cheque?

1. Yes you can file suit against bank and buyer for recovery of amount due towards sale of property.

2. You cannot approach consumer court as you have not obtained loan from bank, you are only entitled to get sale amount from bank as seller. 

You can file complaint against bank before consumer forum and seek compensation for delay in disbursal of loan amount 

Yea you may file a complaint against the bank in the district consumer forum.