Bank asking to pay excess amount even after clearance of loan amount


Hi  my garnadmother was took agriculture loan in 2008 sum of 150000 with land record for 10 years. And she was expired in 2015. And my father went to bank to settle the loan in 2016. They find the amount of 340000 but my dad explained its very difficult to pay that much amount finaly from regional manager told to pay 225000 and settled in branch and they returned the land record. After 2 years now they are telling your still not closed and pay rest amount and do the same what to do respected sir please find the solution. Thank you

Answers (3)


126 votes

Hi. Whether you have received any letter from the bank to pay the balance amount??

The loan is in your grandmother name and is not transferred to your fathers name??

Have you received the title deeds back??

Did you start paying the land revenue? and in whose name??

Please give the above details.

Thanks

Adv.Pramod


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330 votes

If the loan is a mortgage loan by deposit of title deed and if the documents are returned, the same shows that the loan is closed. At the time of closing the loan by payment, you might have got some paper at that time. If the bank comes with a claim you can approach the Banking ombudsman to redress your grievance.

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174 votes

Hi,
First of all please note that 4% is only Annual interest rate for such Agricultural loans which means it may Rs 6,000/- per year ,so it works out maximum Rs 50,000/- only and your father paid too excess amount.this is a clear cheating & fraudulent act by the Bank.I sincerely advise you to proceed legally against the Bank and I wish you all success.

Regards,
RAJESH NEDUMPROM, Adv

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