Bank not giving back home documents after paying amount.
3 years ago
Sir/ madam,
7 years back my father kept house papers in bank for loan, in 2015 he passed away after that in have payed EMI till July 2020 and I did One time settlement in month of September 2020 and cleared evey due of that account and bank has given cleared it by closing the account in passbook itself.. Now in same bank ,We took education loan for my sister and it's amount is 5 lakh+ including intrest. Now bank is not giving my house documents which I already cleared. They are saying to clear education also. Now I don't have Job due to covid to pay as EMI, I tried to pay loan amount with one time settlement, but bank is not coming operating with that as well. Is keeping my documents legal...?
Ankur Goel @ Complete Law Shield
Responded 3 years ago
Bank have no authority to hold back documents.
both transactions are different until housing loan was art of education loan.
send a legal notice or get papers released from consumer court.
Hope this clarifies,
Advocate Ankur Goel (Complete Law Shield)
#YourLifeYourChoice
By law, if you had cleared the home loan, they have to return all the necessary securities (documents etc.) back to you at that point. However, if they have no security for the education loan, they can keep your house documents as security, although its value would far exceed that of the loan. I'd advise you to send them a legal notice demanding their return.
Ayantika Mondal @ Prime Legal
Responded 3 years ago
By law, if you had cleared the home loan, they have to return all the necessary securities (documents etc.) back to you at that point. However, if they have no security for the education loan, they can keep your house documents as security, although its value would far exceed that of the loan. I'd advise you to send them a legal notice demanding their return.
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