Chandigarh

DF-I

CC/802/2022

SHIV SHANKER & ANOTHER - Complainant(s)

Versus

M/S. IIFL HOME FINANCE LIMITED - Opp.Party(s)

MUNISH KUMAR

14 Feb 2024

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION-I,

U.T. CHANDIGARH

 

                    

Consumer Complaint No.	:	CC/802/2022
Date of Institution	:	13/09/2022
Date of Decision	:	14/02/2024

 

1. Shiv Shanker, Aged about 50 years son of Sh.Inder Pal.

2. Mrs.Lalti Devi, Aged about 48 years, wife of Sh.Shiv Shanker, Both residents of House No.713, Guru Nanak Colony, Sector 65-B, Village Jagatpura, SAS Nagar, Mohali, Pb.

Complainants

Versus

 

1. M/s IIFL Home Finance Limited having its Registered office at IIFL House Sun Infotech Park, Road No.16V, Plot No.B-23 MIDC, Thane Industrial Area, Wagle Estate Thane 400604 Through its Managing Director/Authorized Signatory.

 

2. M/s IIFL Home Finance Ltd. SCO No.2907-2908, Sector 22-C, Chandigarh-160022 Through its Branch Manager/Authorized Signatory.

 

Opposite Parties

CORAM :	PAWANJIT SINGH	PRESIDENT
	SURJEET KAUR	MEMBER
	SURESH KUMAR SARDANA	MEMBER

 

                                                

ARGUED BY	:	Sh.Munish Kumar, Advocate for Complainants alongwith Sh.Shiv Shanker, Complainant No.1 in person.
	:	Sh.Shanu Puri, Advocate proxy for Sh.Mohit Sareen, Advocate for OPs alongwith Sh.Kapil Sharma, Legal Officer of OPs.

Per Suresh Kumar Sardana, Member

1.      Averments are that the complainants contacted the OP-Bank and came under their allurements and assurances. Accordingly, request for loan against property was moved by the complainants. The requirements of loan were completed by the complainants and also handed over all the documents for giving them benefits under Pradhan Mantri Awas Yojna. A sale deed of the plot No.45 was duly executed in favour of the complainants and the OP Bank have disbursed funds of Rs.5 lacs against the purchase of such property on dated 13.09.2021 for which the representative of the Bank directly disbursed money to the seller on behalf of the complainants. Besides the amount of Rs.5 lacs, the complainants were not disbursed with any other amount till date (Annexure C-3). Further request was also made to the OPs to disburse the amount of Rs.2.50 lacs as per entitlement of the complainants under the PMAY which the complainants are legally and lawfully entitled too and bank is also bound to adjust such amount in the principal amount and bound to recalculate the interest portion accordingly. After number of requests, the complainants were handed over copy of a sanction letter which the OPs have supplied to the complainants. The complainants were shocked to peruse the sanction letter as well as statement of account handed over to them as the complainants were never disclosed the factum of chargeable interest @ 15.25.% as mentioned in the sanction letter dated 9.9.2021. The rate of interest  was to be levied as per the rate of interest of nationalized bank which even at that time was between 9% to 10% as per the RBI guidelines, but it is very shocking for the complainants when they came to know that OPS are charging the rate of interest @ 15.25% on the disbursed amount which as per the complainants was Rs.5 lacs but when the complainants perused the statement of account then they came to know that the OP Bank are charging the interest @ 15.25% on the amount of Rs. 6,30,697/-. After coming to know of such facts by the complainants, the complainants immediately approached the OP Bank and requested them to rectify such exorbitant rate of interest as it is not possible for the complainants to disburse such rate of interest which is very huge as compared with the other nationalized Banks against property but the officials of the OP Bank instead of doing the needful, dilly dallying the matter on one pretext or the other (Annexure C-4 and C-5). It is further stated that an amount of Rs.87898/- has been charged from the complainants against the head of insurance charges which the complainants never agreed to opt hence such chargeable huge amount of Rs.87898/- is also liable to be adjusted in the sanctioned amount to the complainants. Such charging of insurance amount by adding the same in the loan/sanctioned amount without taking the implied consent and permission of the complainants are also liable to be adjusted in the account of the complainants as the complainants never agreed for the same. The complainants visited the office of the OPs, but till date has not responded inspite of assurances on their part and such manner, the complainants are suffering mental agony and harassment. Hence, is the present consumer complaint.
2.     OPs contested the consumer complaint, filed their written reply and stated that as per the request of the complainants/borrowers, an amount of Rs.6,30,697/- was disbursed to them and the said loan amount was to be repaid in 240 monthly installments of Rs.8,325/- at floating rate of interest of 15.25%. The borrowers for securing the loan amount, also mortgaged their property bearing Piece and Parcel of Plot No.45, Modren Complex 1, Dapper MC, Lalru, Derabassi, Punjab-140506 with the answering OP Annexure R-2 (Colly). The said property is not entitled for subsidy under the relevant scheme. The complainants were made aware of the terms and conditions of the loan agreement and after duly understanding the contents of the same, the said loan agreement has been signed and executed by them out of their own free Will. Since, the property in question of the complainants were not under the approved list of PMAY Scheme, hence the complainants were not entitled for the subsidy available under PMAY scheme. Denying all other allegations made in the complaint a prayer for dismissal of the complaint has been made.
3.     Rejoinder was filed and averments made in the consumer complaint were reiterated.
4.     Parties led evidence by way of affidavits and documents.
5.     We have heard the learned counsels for the parties and gone through the record of the case.
6.     The main grievance of the complainants is that OPs have overcharged the interest rate and desired that benefit of Rs.2.50 lacs as per entitlement as per Pradhan Mantri Awas Yojna scheme be given and insurance charges be waived and also desired that direction be given to OPs not to charge foreclosure charges.
7.     On perusal of Annexure R-2 (colly), it is observed that the OP has sanctioned a loan of Rs.11,87,898/-, on Adjustable rate of interest. The said agreement is duly signed by the complainants. Moreover, with regard to the interest to be charged at the rate of interest of nationalized Bank, the complainant has not adduced any documentary evidence in this regard.
8.     On perusal of Annexure R-3, (page No.51 & 52 of reply), it is observed that complainants have themselves requested for the issue of insurance policy for which an amount of Rs.87,898/- was adjusted from the loan account.
9.     Regarding the benefit of Rs.2.50 lacs to be paid to be complainants under the Pradhan Mantri Awas Yojna scheme, complainants have not adduced any documentary evidence that they applied the loan entitling them for benefit under PMAY scheme. Hence, we are not in a position to pass any directions in this regard. Moreover, on perusal of documents, it is observed that the property for which loan was obtained is located in Dappar, which is not an area/town falling within the list of towns eligible for PMAY. Regarding the directions to be issued to the OP’s for not to levy any foreclosure charges, the complainants have not adduced any documentary evidence, wherein it can be proved that OPs have charged any foreclosure charges. This request appears to be premature.
10.     On perusal of complaint, it is also observed that the OPs have charged an exorbitant amount of Rs.31,108.08 towards processing charges for the said loan. The OPs have not adduced any guidelines with regard to charges of processing fee. In our view the amount charged as processing fee is very high, which have caused a lot of mental agony & harassment to the complainants. In our view the OPs should have charged only 1% of the loan amount actually disbursed against processing charges i.e., Rs.6307 (1% of Rs.6,30,697/- which should have been reasonable.  
11.     In view of the above discussion, the present consumer complaint succeeds and the same is accordingly partly allowed. OPs are directed as under :-

1. to refund an amount of ₹24,801/- (₹31,108-₹6307) extra charged towards processing charges to the complainants alongwith interest @ 9% per annum from the date of filing of this complaint onwards.
2. to pay an amount of ₹50,000/- to the complainants as compensation for causing mental agony and harassment to them.
3. to pay ₹7500/- to the complainants as costs of litigation.

12.     This order be complied with by the OPs within 45 days from the date of receipt of its certified copy, failing which, they shall make the payment of the amounts mentioned at Sr.No.(i) & (ii) above, with interest @ 12% per annum from the date of this order, till realization, apart from compliance of direction at Sr.No.(iii) above.
13.     Pending miscellaneous application, if any, also stands disposed of.
14.     Certified copies of this order be sent to the parties free of charge. The file be consigned.

			Sd/-
14/02/2024			[Pawanjit Singh]
Ls			President
			Sd/-
			[Surjeet Kaur]
			Member
			Sd/-
			[Suresh Kumar Sardana]
			Member