JUDGEMENT

          Complainants by filing this complaint has submitted that he received house loan in accordance with the law and the op Standard Chartered Bank sanctioned the house loan of Rs.6,59,000/- against the loan account bearing No.40353087 on certain terms and conditions mentioned in the letter dated 20.03.2002.  However the repayment of the said loan by 168 EMIs of Rs.7,909/- for full payment of the loan.  On 01.06.2002 op/bank issued a letter addressed to the complainant intimating for sending the two cheques of Rs.5,64,052/- + Rs.94,948/- against the said house loan towards the bank.  But it is mentioned that the complainant had been paying the amount of Rs.7,909/- against the said house loan amount towards the bank from time to time as per terms and conditions mentioned in the sanctioned letter.

          But in the year 2004 – 05 he approached before the op for sanctioning further loan by increasing previous standing loan on top up loan i.e. from Rs.6,59,000/- to Rs.8,47,543/- and accordingly op/bank sanctioned the said top up loan to the complainant on the basis of modified terms and conditions issued by the bank and for which the loan account 40353087 has been changed to new loan account 43963803 and EMI has been changed from Rs.7,909/- to Rs.8,306/- p.m. and accordingly in every month from the year 2005 – 11 complainant paid the EMI regularly and bank had accepted the said payment from the complainant.

          Subsequently complainant approached to the op for supply the particulars of the statement of payment/repayment against the said house loan by the complainant in each financial year from 2005 to 2011 and accordingly bank supplied the certificate showing the particulars of the payment of interest and principle amount as paid by the op to the complainant to the bank in each financial year from 2005 to 2011.  But the said bank had not given the particulars disclosing the rate of interest changed time to time and the period of compounding based on which interest were calculated.

          In the year 2008 i.e. on 30.07.2008 the complainant faced some financial difficulties due to some family problems and for that on 30.07.2008 he approached the concerned bank with a request to reduce the amount of repayment by EMI from Rs.8,366/- to Rs.7,000/- per month.  But that request was refused.  In the year 2009, 2010 and 2011 op bank intimated the outstanding dues against the loan account No.43963803 but op/bank did not disclose the rate of interest charged time to time towards the complainant and also did not supply the statement of the detail particulars with regard to the period of compounding based on which interest were calculated and it is highly required and essential to judge the authenticity of the remaining balance amount as on the date of the said loan account.

          On 01.08.2011 the complainant went to bank of Kolkata office submitted a written prayer for making easier terms to facilitate him and liquidate the outstanding amount with regard to his HBL account  No. 43963803 and as well as for makjng necessary arrangements to cover the requisite amount of insurance against the said loan and said letter was received by the op/bank and complainant also handed over 12 post dated cheques to the Manager of the Bank and the bank authority received 3 cheques of Rs.15,000/- each but other 9 post dated cheques had not been received by the op/bank and same was received by the op/bank on 01.08.2011.  Again complainant on 07.02.2012 went to the bank at Kolkata Office and met with Credit Manager of the Bank and submitted written representation for regularization of his house loan, but that representation was turned down on 07.02.2012.

          Thereafter he sent a representation with a prayer for regularization of house building loan to the authorized officer of the bank (op no.3) by registered post with A/D and as per letter of the op dated 29.02.2012 complainant was asked to meet with their officer Mr. Senthil Vinod and accordingly complainant met with op but no fruitful result was achieved.

          Subsequently complainant received a letter dated 03.08.2012 of one Mr. Niloy Sarkar, the Ld. Advocate for the bank wherefrom he came to learn that outstanding dues of Rs.8,35,210/- and complainant was asked to pay the same otherwise civil and criminal proceeding started against him as default consumer of the op/bank and for inaction of the op/bank, complainant is suffering from mental pain and agony and harassment due to non cooperation of the said bank and for that the complainant is entitled to get such relief and he prayed for directing the op to fulfill the details statement of the account etc and directed the op to revise repayment etc. and other relief.

          Whereas op/bank by filing written statement submitted that the entire allegations are false, fact remains complainant took loan and thereafter the loan amount was increased as per his prayer and complainant himself applied for house loan facility from the op and on proper consideration that was allowed and complainant had been paying the same and executed all documents knowing fully well about the terms and conditions and ultimately complainant defaulted to repay the loan in accordance with the terms of the agreement.  So, complainant was called upon to pay the outstanding amount against the said loan and that notice was followed and binding on the complainant and it is the legal duty of the complainant to pay the contractual dues and other allegations are false and fabricated and outstanding of the complainant against the said house loan account no. was 43963803 and the question or occasion of any alleged agony or harassment or anxiety is being caused by the bank to the complainant is completely false and same are imaginary, baseless and malafide and without any foundation.  There was no fault on the part of the op and no negligence on the part of the op.

                                                 Decision with reasons

          On thorough study of the complaint and written statement and also hearing the Ld. Lawyers of both the parties, it is found that practically it undisputed fact that the complainant took house loan initially and subsequently that loan was increased as per prayer of the complainant and complainant executed the document and sanctioned order issued by the op/bank initially in respect of the loan amount of Rs.6,59,000/- and interest rate is specifically written and variable rate is 11.50% p.a. and that rate was valid for the period from one month only and the interest rate is subject to change from time to time and will be applied on the outstanding loan balance from the date of interest rate revision and EMIs would be paid by 168 installments of Rs.7,909/-.

          Thereafter the said EMIs were changed due to sanctioned of additional loan and EMIs were increased from Rs.7,909/- to 8,366/- and complainant had been paying but subsequently complainant failed to pay the same for which op/bank sent demand notices no doubt in writing as he was found defaulter for payment of sum of Rs.8,35210/-.  But at the time of defense of argument Ld. Lawyer for the op submitted that out of the total amount a sum of Rs.1,81,695.61 paisa may be deducted from that amount for defaulted amount of the bank as it was penal interest that is not being claimed by the op/bank and after deduction of the said amount we find that total amount would be Rs.653515/- and no doubt complainant is liable to pay the same along with interest to be assessed from 03.08.2012.  But the rate of interest must be @ 11.50% but not more than that.

          Particularly as per Reserve Bank of India Rules in respect of house loan if the loan amount does not exceed Rs.10 lakhs in that case highest interest can be charged by any bank either nationalized bank or private bank must be within 12% but not more than that and in this case no doubt op has charged @ 11.50% and that may be only 12% after any change but not more than that and in this regard it is to be mentioned that interest rate in respect of housing loan up to Rs.10 lakhs was not exceeded 12% under any circumstances and that is being followed by all the Nationalised Banks in all respect then how op/bank can charge any other rate of interest.

          Fact remains in this case op/bank did not inform time to time what type of interest rate was changed.  But it is the mandatory direction of the Reserve Bank of India that before changing the rate of interest in respect of any continuing loan customer shall be informed at first and if he agrees to pay in that case the said loan account shall be continued and if the customer does not agree with the rate of interest, in that case, there shall have no other option on the part of the customer to repay the entire loan and close the loan but that policy has not been adopted by the present bank which is no doubt unfair and unjust and it is not act on the part of the op.

          Now what we have gathered that at the time of argument, this Forum asked the op how the penal interest was assessed when the op’s Ld. Lawyer submitted that they have already decided not to deduct Rs.1,8,695.61 paisa out of the outstanding loan and they have claimed that up to 05.01.2014 the total outstanding was shown Rs.1039878.72/- and out of that and op/bank claimed after deduction of that amount a sum of Rs.858183/-.  But after proper assessment of the entire given statement of the bank it is clear that on 05.01.2014 the actual amount would be Rs.8 lakhs and odd because the rate of interest has been assessed erroneously and for which the complainant is directed to pay the entire loan amount of Rs.8 lakhs without any further interest within 8 months from the date of this order by paying the same within 8 months and the amount shall be paid as per his choice but no doubt the initial payment must be made by the complainant to the extent of Rs.1,50,000/- at a time within one month from the date of this order and accordingly this complaint is given a chance to clear the entire loan amount when op/bank already deducted Rs.1,81,695.60 paisa as penal interest and no doubt complainant has got relief after appearing before this Forum in part by the Bank.

          In the above circumstances, the complaint succeeds in part.

          Hence, it is

                                                            ORDERED

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

          Complainant is directed to clear Rs.8,00,000/- treated as final outstanding and same shall be paid by the complainant within 8 months from the date of this order and initially within one month from the date of this order, he must have to deposit Rs.1,50,000/- and bank shall have to receive it and thereafter the balance amount shall be paid within 8 months from the date of this order and if complainant clears the balance as per spirit of this order, in that case the loan account of the complainant shall be treated as finally closed and in that case op/bank shall have to handover no objection certificate treating the loan account of the complainant is finally settled and hand over all documents to the complainant.  But if complainant fails to satisfy the decree and fails to comply the order of this Forum, in that case after lapse of 8 months the op shall have the liberty to execute the order along with fresh interest.

          But in this case no other relief is granted to either of the parties.  Parties are directed to comply this order failing which for non-compliance of the order, the parties shall be booked for charges for violation of the Forum’s order and in that case this Forum may take such legal step against either of the parties.