In the Court of the Calcutta District Forum, Unit-I

CDF-1/Case no.165/2004

Sri Tarun Kanti China,

1/1, Madhusudan Pal Chowdhury Lane, Howrah                    …….     Complainant

vs.

M/s. LIC Housing Finance Ltd.,

Hindustan Building (Ground Floor),

4, Chittaranjan Avenue,

P.S. Bowbazar, Kolkata-72  and others                         ……  Opposite parties

Present :  Sri A.K. Das,  President

                Sri L.K. Banerjee,  Member

                Smt. J. Saha, Member      

Order no.  27    dt.08.07.2008

            In this consumer complaint petitioner has claimed damages Rs.50000/- and true and correct statement of account of his housing loan account no.410022382 treating 20.11.01 as to date of  encashment of surrender policy and other consequential reliefs and following back drop.

            Petitioner obtained loan from o.p. no.1 to the extent of Rs.320000/- on 24.12.98. As per terms and conditions petitioner was paying instalment towards redemption of the loan till 16.9.01. Thereafter petitioner put to financial difficulties and by his letter dt.20.9.01 request o.p. no.1 to encash his LIC policy lying with o.p. no.2 towards the appropriation of his proceeds payable by him. Accordingly, o.p. no.1 sent  letter  to o.p. no.2 asking for quotation of surrender value of the LIC. After a long lapse of time on 16.2.02 o.p. informed that surrender value is not sufficient to cover the loan and requested the petitioner to pay the balance amount. Thereafter petitioner again wrote letter on 29.7.03 with reference to his letter dt.20.9.01 and requested the o.p. no.1 to square up the loan amount. Thereafter correspondences took place between the o.p. nos.1 and 2 and the petitioner. Petitioner did not receive positive response till 29.7.03 and thereby he moved this forum for above relief.

            O.p. nos.1 and 2 contested the consumer complaint by filing w/v. However in course of hearing it is submitted by o.p. no.1 till date an amount of Rs.107300/- is payable by the petitioner towards the loan account after  due appropriation of the surrender value of the LIC policy and payment made by the petitioner in the mean time. As per regulation o.p. are in a position to give rebate upto Rs.20000/- on the amount payable by the petitioner if the petitioner pay the balance amount i.e. minus Rs.20000/- within 30.7.08. It is admitted now after giving rebate amount payable by the petitioner stands Rs.87300/-. However, considering the conduct of the petitioner towards liquidation of the loan payable by him in his loan account he is directed to pay Rs.87300/- by three monthly instalments of Rs.29100/- each. First instalment be paid within 30.7.08 and balance amount Rs.58200/- be paid within 30^th of the following months along with simple interest calculated on the balance amount. The consumer complaint is accordingly disposed of.

            Let copy of this order be supplied to the parties free of cost.