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What to do even after promise manager did not sanction loan
27-Jun-2023 (In Banking / Finance Law)
Sir, I took a loan of Rs10,00,000 (ten lakhs) from Punjab National Bank on 31st of July 2017 to by house site. I also mortgaged my site to the same bank. At that time the manager of the bank promised me an interest rate of 8.35%. But he charged me 8.65%. In the month of November I got a mail showing the rate of interest to be 8.65%. when I asked the manager about that he had thrown the mistake on to the clerk and promised me that he would rectify it. But again it is showing 8.55%. Now he is denying to change it. As I have to construct a house within two years of my first loan I have applied for another loan for Rs 20,00,000 (twenty lakhs) in the first week of March 2018, as I am eligible for that amount. I have submitted all the required documents there with. The manager promised me that the loan will be sanctioned with in ten days. Believing this I have started the construction. But I haven't got my loan sanctioned till now. How about if I approach forum
Hi,
Mortgage and home Loan interests are two types.1 fixed interest 2.floating interest. Interest rates are decided at the time of loan santion.the type of interest rates,rules and regulations are mentioned on the application . most of the rules are in favour of the bank.
So interest rates may change if you opt for floating interest rate. So you have to check the loan interest type.
Second you have applied for housing loan 20 lakhs but manager not sanctioned till date. Your housing loan depends on your credit history and the willingness of the branch manager. So , the branch manager have the right to sanction your loan or reject your loan.
If you are not satisfied with this bank go to other bank for housing loans.
If you want to complaint about your loan and the manager go through the RBI website and complaint to the OMBUDSMAN.
Have a nice day.good luck.
Mortgage and home Loan interests are two types.1 fixed interest 2.floating interest. Interest rates are decided at the time of loan santion.the type of interest rates,rules and regulations are mentioned on the application . most of the rules are in favour of the bank.
So interest rates may change if you opt for floating interest rate. So you have to check the loan interest type.
Second you have applied for housing loan 20 lakhs but manager not sanctioned till date. Your housing loan depends on your credit history and the willingness of the branch manager. So , the branch manager have the right to sanction your loan or reject your loan.
If you are not satisfied with this bank go to other bank for housing loans.
If you want to complaint about your loan and the manager go through the RBI website and complaint to the OMBUDSMAN.
Have a nice day.good luck.
Helpful?
28+
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Adv. Syam Charan Godi
Hyderabad | 100+ Answers
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Here in any of the situation either in your first loan issue and the second one, you cant proceed anything legally because it is more general look and the promises will not workout in any legal issues, there should be a proof of documents which shows that granted and word from mouth if its recorded and in some situations it will be taken consideration but in your problem 2 that is your mistake to construct a house without loan get approval. Here you cant go forward.
Helpful?
32+
32+
Adv. Sharath Chandra Murthy
Hyderabad | 100+ Answers
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