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Delayed loan- Loan agency fails to refund interest charged by Builder
27-Jun-2023 (In Property Law)
A loan got sanctioned from an NBFC (Rs 52 lacs), on Pre-EMI promise (45K a month) since it was an under-construction house. The agent collects our salary slip (mine & wife's).
In the sanction after a month, a full EMI is charged,(Rs.1,45000/-initially) much above our combined income. I ring up the agent and refuse to take the loan.The agent assures he will review my case.
Repeated calls to the agent do not work. Suddenly my bank is debited with 1st EMI, without even releasing the approved loan to the builder.
I block further debit of EMI. Finally, the loan is released on Pre-EMI basis after he collects some more processing fee from me, after about 6 months.
The builder charges me heavy interest (Rs 3 lacs) for delay in payment. I write to the NBFC to refund me the interest charged by the builder. The NBFC refuses.
Q i.P-EMI later on, was possible on 1st sanction, avoiding delay & penalty.
Q ii.Non respecting salary while charging EMI .
How to proceed? Not a criminal case?
I have perused the contents of your query and would advise you to seek a detailed consultancy from a lawyer having expertise. After perusing the contents of the documents and other particulars a strongly worded legal notice seeking damages be issued to the concerned directors of the nbfc.
Helpful?
Adv. Anubhav Kathuria
Delhi | 500+ Answers
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Hello sir. I have perused your legal query. You may at first send a legal notice to the Directors of the NBFC seeking a recovery of the amount paid to the builder as a result of their malpractice. In the event they fail to acknowledge your concerns through the notice, you may file a consumer case for deficiency of service apart from initiating criminal proceedings for cheating under section 415 IPC. Please feel free to reach out to me in case you wish to discuss the matter in more detail.
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Adv. Love Kumar Soni
Goa | 200+ Answers
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Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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