District Consumer Disputes Redressal Commission ,Faridabad.
Consumer Complaint No.423/2020.
Date of Institution: 09.11.2020.
Date of Order: 17.08.2022.
1. Pankaj, aged about 36 years. Son of Shri Chatar Singh.
2. Chatar Singh aged about 63 years, son of Shir Netra Pal Singh,
Both residents of House No. 118, Baba Hirdey Ram colony, Myujessar, Faridabad, Distt. Faridabad.
…….Complainant……..
Versus
M/s. I.I.F.L. Home Finance Limited, U-200, Upadhyay Block, Near Laxmi Nagar Metro Statio, Above Bank of Baroda, Shakarpur Delhi – 110 092.
2nd address:-
Corporate office: Plot NO. 98, Udyog Vihar, Phase-IV, Sector-18, Gurugram-122016 (Haaryana)
…Opposite parties……
Complaint under section-12 of Consumer Protection Act, 1986
Now amended Section 34 of Consumer protection Act 2019.
BEFORE: Amit Arora……………..President
Mukesh Sharma…………Member.
PRESENT: Complainant No.2 Chattar Singh in person.
Shri R.K.Bhati, counsel for the complainants.
Shri R.K.Sahoo, counsel for opposite party.
ORDER:
The facts in brief of the complaint are that the complainant alongiwth his parents vide Prospectus Nos. 878374, 881725 applied to the opposite parties for a loan against property and they sanctioned the loan vide customer Id. No. 1194316 but the opposite party disbursed the less amount than the sanctioned loan amount, to the complainants. The complainants approached several times to the opposite party to issue the letter of sanctioned of total loan amount and supply the statement of account, but the opposite party always avoided it on one pretext or the other. Whereas, the complainants remained continue to deposit the monthly instalments of loan amount to the opposite party. The complainants had come to know that the opposite party was charging the rate of interest on higher side from the complainants, without following the guidelines of reserve Bank of India, issued during Corona Virus period and even the RBI as well as Central Govt. had exempted three monthly instalments of the borrowers and had reduced the rate of interest, but despite of which the opposite party was adamant to recover the higher rate of interest from the complainant. The complainants asked several times to the opposite party to supply the correct statement of account including the details of sanctioned loan amount as well as disbursed amount and also supply the details of rate of interest being charged by the opposite party the complainants but always the opposite party avoided it one pretext or the other. The complainant sent legal notice dated 16.06.2020 to the opposite party but all in vain. The aforesaid act of opposite parties amounts to deficiency of service and hence the complaint. The complainant has prayed for directions to the opposite party to:
a) supply the correct statement of account including the details of sanctioned loan amount as well as disbursed amount and also to supply the details of rate of interest being charged by the opposite party from the complainants.
b) reduce the rate of interest as per the guidelines of Reserve Bank of India during Covid-19 period.
c) pay Rs. 50,000/- as compensation for causing mental agony and harassment .
d) pay Rs. 11,000 /-as litigation expenses.
2. Opposite party put in appearance through counsel and filed written statement wherein Opposite party refuted claim of the complainant and submitted that during the course of its business the complainants approached the answering opposite party for availing loan facility against property and the same was acceded to by the answering opposite party. Thereafter the complainants had entered into a loan agreement with the answering opposite party through its Delhi branch on 23.02.2019 bearing contract NO. 878374 and contract No. 881725 dated 24.02.2019. As per the terms and conditions of the loan agreement contract NO. 878374 the total loan amount was Rs.22,70,000/- with rate of interest @ 18% p.a. (3 years fixed and thereafter adjustable) was repayable in 120 installments. The complainants were legally bound to repay the said loan amount in 120 equal installments @ Rs.40903/- per month to the opposite party. As per the terms and conditions of another loan agreement contract NO. 881725 the total loan amount was Rs.5,30,000/- with rate of interest @ 18% per annum was repayable in 1220 installments. The complainants were legally bound to repay the said loan amount in 120 equal installments @ Rs.9550/- per month to the opposite party company. As per loan agreement with the answering opposite party complainants were bound to pay outstanding amount, interest alongwith financial charges and remaining installments of the loan alongwith interest to the opposite party. Opposite party denied rest of the allegations leveled in the complaint and prayed for dismissal of the complaint.
3. The parties led evidence in support of their respective versions.
4. We have heard learned counsel for the parties and have gone through the record on the file.
5. In this case the complaint was filed by the complainant against opposite party– O.I.F.L. Home Finance Limited with the prayer to: a) supply the correct statement of account including the details of sanctioned loan amount as well as disbursed amount and also to supply the details of rate of interest being charged by the opposite party from the complainants. b) reduce the rate of interest as per the guidelines of Reserve Bank of India during Covid-19 period. c) pay Rs. 50,000/- as compensation for causing mental agony and harassment . d) pay Rs. 11,000 /-as litigation expenses.
To establish his case the complainant has led in his evidence, Ex.CW1/A – affidavit of Chatar Singh,, ex.C-1 – legal notice, Ex.C-3 – bank statement, Ex.C-4 & 5 – details of amount,, Ex.C-6 - letter dated 28.02.2019 regarding repayment schedule.
On the other hand counsel for the opposite party strongly agitated and
opposed. As per the evidence of the opposite party Ex.RW1/A – affidavit of Ranjit Kumar, AVP Legal of IIFL Home Finance Limited having its Branch office located at Plot No. 98, Udhyog Vihar, Phase-4, Gurgaon, Ex.R-1 & R2 – loan agreement,, Ex.R-3 & 4 – Account statements, Ex.R-5 & 6 – final sanction letters, Ex. R-7 – Satisfaction letter.
6. In this complaint the complainant has prayed that supply the correct statement of account including the details of sanctioned loan amount as well as disbursed amount and also to supply the details of rate of interest being charged by the opposite party from the complainants.
On 04.08.2022, Shri R.K.Sahoo, counsel for the opposite party has made a statement that the complainant paid the amount of loan account No. 878374 and loan account No. 881725 and the loan account have been closed. In this regard complainant issued a satisfaction letter to the opposite party i.e. IIFL Home Finance Limited and I tender documents Ex.R-3 i.e. account statement of Pankaj dated 02.08.2022, loan account NO. 878374, Ex.R-4 account statement of Pankaj dated 2.8.2022 loan account No. 881725 and Ex.R-7- Satisfaction letter.
7. On the basis of the statement of Shri R.K.Sahoo, counsel for the opposite as well as Ex.R-7 i.e. Satisfaction letter in which it has been mentioned “that I was completely satisfied with the services and response received by me/us and there are no grievances against the company, its employees, its Directors etc. I/We hereby represent, warrant and confirm that pursuant to the foreclosure of the said loan, I/We have received all the property documents in original deposited with IIFL Home Finance Limited at the time of availing loan facility and assure that all my issues/concerns (if any) are being resolved to my satisfaction” the Commission is of the opinion that the complaint is disposed off as the matter has been settled. Opposite party No.2 is directed to pay Rs.2200/- as compensation for causing mental agony and harassment alongwith Rs.2200/- as litigation expenses to the complainant. Compliance of this order be made within 30 days from the date of receipt of copy of this order. Copy of this order be sent to the parties concerned free of costs. File be consigned to the record room.
Announced on: 17.08.2022. (Amit Arora)
President
District Consumer Disputes
Redressal Commission, Faridabad.
(Mukesh Sharma)
Member
District Consumer Disputes
Redressal Commission, Faridabad.
