Delhi

East Delhi

CC/866/2014

MADAN LAL - Complainant(s)

Versus

INDIA BULLS - Opp.Party(s)

30 Oct 2015

ORDER

               DISTRICT CONSUMER DISPUTE REDRESSAL FORUM – EAST, Govt of NCT Delhi

                CONVENIENT SHOPPING CENTRE, 1^st FLOOR, SAINI ENCLAVE, DELHI 110092                                                               

Consumer complaint no.- 866/2014                                                                                                

In matter of—

Sh Madan Lal Singhla, adult, s/o Sh Om Prakash

R/o-E-28,Raja Puri, New Delhi -110045……………………….…………..………………………..…….Complainant

                                                                    Vs

M/s Indiabulls Housing Finance Ltd,

Sh no.-301, 3^rd Floor, RG Square, Plot no.2, Local Shopping Centre,

I P Estate, Delhi.110092……………………………………………………………………………..……………Respondent

                                                                                                                  Date of Institution-16/09/2014 

                                                                                                                  Date of Decision- 11/12/2015                                                                                                               

Order by—Dr P N Tiwari, Member : 

Brief Facts of case- Mr Madan Lal Singhla, Complainant, took loan against property for the purchase of property in joint name of his wife. M/s Indiabulls Housing Finance Ltd, Opponent, sanctioned loan against property to Rs 2,0146919/- (Two crore one lac fourty six thousand nine hundred nineteen) vide letter dated 28/10/2011 with a EMI Rs 4,20,555/-per month under ref. number 216736. The loan was on floating interest rate. The respondent sanctioned additional amount to Rs 1,46,919/-(one lakh fourty six thousand nine hundred nine) as Insurance for which no request was from complainant. Complainant lodged protest with Opponent for excess amount which was refunded without giving any interest on 01/03/2012.                                                                                                                                    

Thereafter complainant asked for closure of his loan on 06/07/2014. Opponent took extra charge for closing his loan as Foreclosure charge which was against the RBI guidelines applicable on all the financial institutions The guidelines reads as 

“As a measure of customer protection and also in order to bring in uniformity with regard to prepayment of various loans by borrowers of banks and NBFC, it is advised that NBFCs shall not charge foreclosure/prepayment penalties on all Floating rate term loans sanctioned to individual borrowers, with immediate effect.”

The total amount charged was Rs 4,38,526.63 (four lac thirty eight thousand five hundred twenty six) as foreclosure charges on Loan Account vide their letter dated 31/08/2014.     

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                                                      Consumer complaint no.- 866/2014                                              

The outstanding principle amount was 1,30,12,659/- but after adjustment, complainant paid sum of Rs 1,36,01082/(one crore thirty six lakh one thousand eight two) as a full and final payment. Thereafter complainant filed this complaint.

We have persuaded the complaint and documents filed on record. Despite notices served, no one appeared or filed their defence. Hence, case preceded Ex-Parte. Complainant filed evidence on affidavit which is uncontroverted on record.                                                                                      

After going through all the evidences on record, It is clear that the respondent have charged foreclosure amount of Rs4,38,526/-against the guidelines by RBI. This amounts to unfair trade practice. We allow this complaint and award the following as under –

The complainant is entitled for the refund of amount charged for foreclosure from the date of his application dt. 06/07/2014 to the date of deposit of all the outstanding amount. The respondent is directed to refund amount Rs 4,38,526/- with 9% to complainant. We further award amount of Rs 30,000/-towards compensation for the mental pain and agony and harassment to complainant. The awarded amount be paid within 45 days from the date of this order.

The order copy be sent to the parties as per act and file be confined to the record of Forum.

 

(Dr) P N Tiwari - Member                                                                    Md Poonam Malhotra - Member                 

          

                                                    Mr N A Zaidi - President

                                            

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