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Reputed Private Bank and Public Sector Bank gave loan to property
17-Dec-2024 (In Criminal Law)
Reputed Private Bank and Public Sector Bank provided housing loans to properties Mohan Nano Estates and Mohan Suburbia which are constructed on false, fake and incorrect commencement certificates and occupancy certificates so what action can be taken against Bank for providing Bank loan on fraudulent documentation causing financial losses to innocent homebuyers
Banks are obligated under the Reserve Bank of India (RBI) Guidelines on Home Loans to verify property documents. Providing loans on fraudulent documentation may constitute negligence or complicity. Homebuyers can file a complaint with the Banking Ombudsman under Section 35A of the Banking Regulation Act, 1949, citing deficiency in service. They can file a case under Section 17 of the Consumer Protection Act, 2019 which allows claims for compensation for financial losses due to deficient services.
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Adv. Ranabir Datta
Pune | 100+ Answers
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