Order-10.

Date-20/05/2015.

Complainants Mr. Ratan Mistry, Mrs. Jinia Mistry by filing this complaint has submitted that on the basis of the application form dated 24.08.2010 and another dated 27.06.2013 op the financer granted loan to the complainant for purchasing a House against Loan A/C No. 00002397 and 00000445 and loan was sanctioned at Rs. 10,77,206/-   at the rate 9 percent p.a. interest, tenure 20 years and Nos. of EMI 240 and monthly ENI was Rs. 8,695/- and similarly another loan amount of Rs. 6,09,481/- was sanctioned with interest  at the rate 13.25 percent p.a., Nos. of EMI 180 months and tenure for 15 years and monthly EMI was Rs. 7,814/-.

          After enjoying of the said loan amount as sanctioned by the op, complainants began to pay the EMI on regular basis.  Subsequently Home Loan Policy was issued by ICICI Lombard General Insurance Company Ltd. and policy holder was the op and complainant no.1 was recorded as the insured whereas the complainant no.2 was the nominee.

          Subsequently complainant proposed the op for foreclosure of their loan account after clearing the Emi for the month of September 2013 and accordingly to the transaction details sheet the balance loan was of Rs. 6,06,319/- and subsequently op issued a foreclosure letter in connection with the loan Account No. 000002397 dated 07.09.2013 for an amount of Rs. 6,28,161/- and further asked the complainant to repay the amount on or before 30.09.2013.  In the said letter penalty was assessed  at the rate 3 percent.  But RBI already issued that no penal interest or pre-payment penalty can be imposed against loan holder when the matter was asked the op, op did not answer.  Subsequently complainants in the month of January 2014 approached the op for foreclosing the other loan account being No. 00000445 and accordingly op issued foreclosure letter on 15.01.2014 asking the complainants to pay the sum of Rs. 10,50, 415/- towards foreclosing the account and it is specifically mentioned in the foreclosure letter that on or before 31.01.2014 the pre-payment charges shall not be charged.  But in that loan account, no penalty was assessed.  After prayer for foreclosure of the loan account No. 00000445 op asked the complainants to foreclose another A/C No. 000002397, otherwise previous loan account cannot be foreclosed.  Finding no other alternative, complainant compelled to pay a sum of Rs. 6,22,711/- along with pre-payment interest  at the rate 4 percent, service charge and advance interest charges against the loan and cleared entire amount.

          Practically in this case complainant has alleged that against home loan, pre-payment penalty charge were wrongly assessed and pre-payment service charge is also wrongly assessed and in fact Rs. 30,071/- was realised in excess for which complainants asked the Bank to refund it but op Bank did not consider the matter and subsequently the matter was referred to CA & FBP, Kolkata to issue remained un-settled and in the circumstances complainant appeared before this Forum for relief.

          On the other hand op Bank by filing written statement submitted that the entire allegation is false and fabricated and both the loan accounts were not housing loan, one is Housing Loan for Rs. 10,77,206/- and another Loan amount of Rs. 6,09,481/- was for LAO i.e. Loan against Property and in this regard in respect of loan A/C No. 00000445, no pre-payment penalty was imposed and no other penalty was imposed as per Loan Agreement and in respect of Loan A/C No. 00002397 which was loan against property, penalty imposed as per National Housing Bank regulations, time to time amended and complainants were reported about that.  But even after that knowing fully well complainants took loan one for housing and another was for LAP.

          So, there is no negligence and deficiency on the part of the op and assessment of interest is completely as per guidelines of RBI and National Housing Bank Regulation.  So, the present complaint is vexatious and should be dismissed.

                                                   Decision with reasons

          On proper consideration of the complaint and written version and also considering the foreclosure letter against Loan A/c No. 00002397, it is found that it is nothing but a Loan Against Property and it is not housing loan.

          Truth is that complainants already paid the entire amount that is Rs. 6,22,711/- and in that case pre-payment penalty charges of Rs. 18,190/- was assessed and in the said letter, it is specifically mentioned that pre-payment penalty to the extent of 3 percent interest shall be assessed and after calculation of the total amount paid and also considering the Clause for pre-payment penalty  at the rate 3 percent interest , it is found that pre-payment penalty charged at Rs. 18,190/- was rightly assessed by the op and in such a case that is loan against property that penalty must be paid.  In the present case if the loan is foreclosed, in that case there is no scope on the part of the complainant to get any benefit of non-payment of the same as per RBI guidelines or National Housing Bank guidelines.

          But fact remains that in respect of foreclosure letter against Housing Loan A/C No. 00000445, it is found that no penalty was imposed and it is specifically mentioned in the pre-payment penalty is 00 percent.

          At the time of hearing the argument, the Ld. Lawyer for the complainant submitted that about foreclosure of Housing Loan A/C No. 00000445 they have their no allegation.  But Ld. Lawyer for the complainants tried to convince that loan account No. 00002397 is also Housing Loan.  But that argument is found that there was no merit on the ground that account is not housing loan, but loan against property.

          So, in that case, invariably 3 percent interest for pre-payment penalty charges was rightly assessed.  Regarding service charges, tax of pre-payment penalty charges, document charges, CERSAI Satisfaction charges are also then collected in view of the RBI guideline and also National Housing Bank guideline.

          Considering all the above fact and materials, we have gathered that complainants appeared before this Forum by stating that both the loans are for Housing Loan.  But after proper scrutiny and verification and also hearing the argument, the Ld. Lawyers and further checking the guideline of National Housing Bank Regulation and other, it is clear that in respect of law there is no such guideline for not deducting any pre-payment charges.  Rather there is specific provision for charging  at the rate 3 percent for pre-payment penalty of the case. 

          So, in the present case, op charged pre-payment charges, service charges against LAP A/C No. 00002397 and there is no order or gross negligence on the part of the op.  similarly in the case of using loan account No. 00000445, practically no pre-payment penalty charges were assessed and admitted and so in respect of that account there is no say of the complainant but by stating some false statement that both the statements are housing loan account.  But it is not the truth and probably complainants are dishonest men and only for the purpose of grabbing more money, this complaint was filed, otherwise there is no merit in this case and in this case there is no deficiency or negligence on the part of the op for which this complaint fails.

          Hence, it is

                                                        ORDERED

          That the complaint be and the same is dismissed on contest against the op but without any cost.