Commonly, while buying property in Kolkata to have maximum relief from property investment barring residential property sale in Kolkata, everybody go for home-loans, provided by various national and private banks as home-loan interest rates have dramatically curbed nationwide. While borrowing loan from any financial organization we all have to go through certain procedure. We have to furnish provide concurrent security to make safe against default in repayment. For a moment, assume your bank has lost one of the regular forms like the title deed and is unable to return it after the loan repayment! Ahem Ahem…
No place for any guesswork this actually happened with Kerala’s Ebrahimkutty. By depositing the original title deed Ebrahimkutty took a loan from Mayyanad Regional Co-operative Bank of his property in Mayyanadu village of Kerala. In 1999, while the repayment of the loan Bank failed to return the title deed. After several attempts the bank couldn’t find it at all,after verbally informing to Ebrahimkutty, bank further proceeded loan to Ebrahimkutty against the same title deed. These loans were also paid in outstanding course. After the last loan closed on September 8, 2012, bank still couldn’t trace out the deed.
The bank then informed Ebrahimkutty that the original deed was not there while shifted its building premises. Putting away with the repetition Ebrahimkutty filed an objection before the Kerala State Commission. He claimed that his property value was Rs 75 lacs, but he wasn’t unable sell it as the bank had lost the original deed. He asked for a return of Rs 25 lacs.
The state commission ordered the bank to return the original deed and also compensate worth Rs 10 lacs within a month, or along with 12% interest, if deferred. In case of letdown, to return the title deed the bank was directed to issue a certificate in print about the failure. The bank to appealed against the order keeping the point highlighted that if misplace of original deed happened in 1999, then after 12 years why a complaint should even be considered? Bank also disagreed that Ebrahimkutty had not been able to show that he had put up with any harm due to the loss of the title deed. Ebrahimkutty fought for the bank had simply owned up that the deed had been misplaced, but had never made a clean breast that they had lost it.
The National Commission scrutinized that if a document is misplaced, there is a chance that it could be recouped sometimes later. If it is gone astray, the there’s no scope of recovery. The Commission also observed that the loss of the title deed would impinge on the value of the property; subsequently Ebrahimkutty would be permitted to be compensated.
Consequently, by its order of February 20 delivered by Dr B C Gupta for the Bench along with Dr S M Kantikar, the National Commission proved the bank culpable of insufficiency in service. Nevertheless, the reimbursement of Rs10 lakhs which had been granted by the state commission was considered to be quite high, so the National Commission adapted the order and abridged the compensation to Rs 5 lakhs, to be compensated within four weeks, or along with 12% interest in case of postponement.
_ LNN (Liyans News Network)
No place for any guesswork this actually happened with Kerala’s Ebrahimkutty. By depositing the original title deed Ebrahimkutty took a loan from Mayyanad Regional Co-operative Bank of his property in Mayyanadu village of Kerala. In 1999, while the repayment of the loan Bank failed to return the title deed. After several attempts the bank couldn’t find it at all,after verbally informing to Ebrahimkutty, bank further proceeded loan to Ebrahimkutty against the same title deed. These loans were also paid in outstanding course. After the last loan closed on September 8, 2012, bank still couldn’t trace out the deed.
The bank then informed Ebrahimkutty that the original deed was not there while shifted its building premises. Putting away with the repetition Ebrahimkutty filed an objection before the Kerala State Commission. He claimed that his property value was Rs 75 lacs, but he wasn’t unable sell it as the bank had lost the original deed. He asked for a return of Rs 25 lacs.
The state commission ordered the bank to return the original deed and also compensate worth Rs 10 lacs within a month, or along with 12% interest, if deferred. In case of letdown, to return the title deed the bank was directed to issue a certificate in print about the failure. The bank to appealed against the order keeping the point highlighted that if misplace of original deed happened in 1999, then after 12 years why a complaint should even be considered? Bank also disagreed that Ebrahimkutty had not been able to show that he had put up with any harm due to the loss of the title deed. Ebrahimkutty fought for the bank had simply owned up that the deed had been misplaced, but had never made a clean breast that they had lost it.
The National Commission scrutinized that if a document is misplaced, there is a chance that it could be recouped sometimes later. If it is gone astray, the there’s no scope of recovery. The Commission also observed that the loss of the title deed would impinge on the value of the property; subsequently Ebrahimkutty would be permitted to be compensated.
Consequently, by its order of February 20 delivered by Dr B C Gupta for the Bench along with Dr S M Kantikar, the National Commission proved the bank culpable of insufficiency in service. Nevertheless, the reimbursement of Rs10 lakhs which had been granted by the state commission was considered to be quite high, so the National Commission adapted the order and abridged the compensation to Rs 5 lakhs, to be compensated within four weeks, or along with 12% interest in case of postponement.
_ LNN (Liyans News Network)