Chandigarh

DF-I

CC/667/2016

Inderjeet Kaur - Complainant(s)

Versus

The Federal Bank Ltd. - Opp.Party(s)

Satbir Mor

01 May 2018

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM-I,

U.T. CHANDIGARH

 

 

                               

Consumer Complaint No.	:	CC/667/2016
Date of Institution	:	19/08/2016
Date of Decision	:	01/05/2018

 

1]     Inderjeet Kaur wife of Dr. Raminder Singh, resident of House No.3124, Sector 20-D, Chandigarh.

2]     Dr. Raminder Singh son of Sh. Sardar Singh, resident of House No.3124, Sector 20-D, Chandigarh.

…..Complainants

V E R S U S

The Federal Bank Limited, Credit Hub, SCO 139-140, Sector 8-C, Chandigarh, Madhya Marg, Chandigarh 160009, through its Branch Manager.

……Opposite Party

CORAM :	RATTAN SINGH THAKUR	PRESIDENT
	SURJEET KAUR	MEMBER
	SURESH KUMAR SARDANA	MEMBER

                                                               

       

PRESENT:	:	Sh. Pardeep Solath, Counsel for Complainants.
	:	None for Opposite Parties.

Per Suresh Kumar Sardana, Member

1.         The facts of the consumer complaint, in brief, are that on 06.06.2015, the Complainants got sanctioned a mortgage loan of Rs.80,00,000/- from the Opposite Party against their Shop situated in Pipliwala Town, Manimajra. Since the services of the Opposite Party was highly unsatisfactory, the Complainants got shifted their loan subsequently on 30.10.2015 to IndusInd Bank, whereafter, the Opposite Party arbitrarily deducted 2% i.e. Rs.1,60,000/- of the loan amount as foreclosure charges without any prior notice. Alleging that the aforesaid act amounts to deficiency in service and unfair trade practice on the part of Opposite Party, the complainants have filed the instant complaint.
2.         The Opposite Party in its written reply have not disputed the factual matrix of the case. However, it has been averred that as per clause 8 of the loan agreement executed between the borrower/Complainants and the OP-Bank, it was agreed by the Complainants that in the event of the loan/limit being repaid before the due date for payment prescribed or being taken over by any other bank/financial institution, the borrower shall pay pre-payment charges at such rates as specified in the schedule to the Agreement. Pleading that there is no deficiency in service or unfair trade practice on its part, Opposite Party has prayed for dismissal of the complaint.
3.         The parties led evidence in support of their contentions. 
4.         We have gone through the entire evidence, written arguments advanced by the parties and heard the arguments addressed by the Ld. Counsel for the Complainants.
5.         In nutshell, the sole grouse of the Complainants is that while transferring the loan account to another bank, the Opposite Party arbitrarily deducted foreclosure charges without any prior notice.
6.         On perusal of the Loan Agreement (Annexure R-3), duly signed by the Complainants, we find that as per Clause 8 of the Agreement, it is agreed by the Complainants that in the event of the loan/limit being repaid before the due date for payment prescribed or being taken over by any other bank/ financial institutions, they shall pay pre-payment charges forthwith at such rates as specified in the schedule of the Agreement. Therefore, the Opposite Party has every legal right to enforce the agreed terms and conditions as per the executed loan agreement and can recover the pre-payment charges from the Complainants.
7.         Taking into consideration all the facts and circumstances of the case, we have no hesitation to hold that the Complainant has failed to prove that there has been any deficiency in service on the part of the Opposite Party or that the Opposite Party adopted any unfair trade practice. As such, the Complaint is devoid of any merit and the same is hereby dismissed, leaving the parties to bear their own costs.
8.         The certified copies of this order be sent to the parties free of charge. The file be consigned.

Announced                        

01.05.2018

                                 Sd/-

(RATTAN SINGH THAKUR)

PRESIDENT

 

Sd/-

(SURJEET KAUR)

MEMBER

      

                           Sd/-

 (SURESH KUMAR SARDANA)

MEMBER

“Dutt”