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Bank loan approval

My son is working in an IT company and applied for a composite loan, ( site with construction) in Bank of Baroda, Bangalore branch. It's been more than 45 days, legal report, valuation report from the bank authorised cell given approval, and all his employment credentials are ok. Now regional...

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My son is working in an IT company and applied for a composite loan, ( site with construction) in Bank of Baroda, Bangalore branch. It's been more than 45 days, legal report, valuation report from the bank authorised cell given approval, and all his employment credentials are ok. Now regional office sent a query saying that, there was a 5 months gap in my employment during COVID19 Aand pandemic period I. e. from May'2020 to Aug'2020, they say this 5-month gap is a major deviation and they can't consider for the loan.. For more than 3 years my son is working in IT company having all eligibility except 5 months working gap in COVID AND PANDEMIC period after 5 months gap again he got a good job in IT company and is a permanent employee. Is this 5 months gap during covid and lockdown period employment is a reason for not considering home loans? After raising objections, they have kept the file in pending and not processing... One more query raised by the bank is, the seller of the property had lost some of the original documents of the property, regarding this, he had lodged a police complaint and given a paper notification through his advocate, for loss of document. To lodge a police complaint seller had sent his friend and the complaint was lodged in the name of the seller by mentioning his name, Bank has sent a query saying that, the signature mentioned in the police complaint not matching with signature on the sale agreement. For this we had given a clarification saying that, police complaint can be given by any of the representatives by mentioning the party name, and that can not matched with signature on the title deed. Due to the above reasons, my son's loan application is held up... Guide us further on what step we can take. If the loan is not going to happen, the seller will cancel the agreement, the advance amount which we had given will not come back. Guide us on how do we proceed further.

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  • 110 Views
Asked at March 31, 2021
Bank Mortgage Legal Issues

My house property is already under mortgage to Bank for availing housing loan. However I wish to execute a will in favour of my family. The property is in my individual name settled by my mother. what is the procedure I should follow to execute a will. What are the permissions required when the...

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My house property is already under mortgage to Bank for availing housing loan. However I wish to execute a will in favour of my family. The property is in my individual name settled by my mother. what is the procedure I should follow to execute a will. What are the permissions required when the property is already mortgaged in favour of the bank and MODTD is in force.

  • 2 Answers
  • 230 Views
Asked at November 10, 2020
781310f56d8d4b67641cd443d5deeb95fe9f930f Ajay Garg
last answered over 1 year ago
Money Recovery chit fund

I joined in CHIT fund, who was maintained by my friend. He force ably convinced me to join in that chit fund. I paid 3000 per month for 14 months INR 42,000/- I that he returned INR 29,500/- and Balance 12,500/- is still pending with him. Whenever am asking he told that wait i will give you, But...

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I joined in CHIT fund, who was maintained by my friend. He force ably convinced me to join in that chit fund. I paid 3000 per month for 14 months INR 42,000/- I that he returned INR 29,500/- and Balance 12,500/- is still pending with him. Whenever am asking he told that wait i will give you, But now he is telling that he is not going to return my money INR 12,500/-. I went to his office to ask 7 collect my money, He threatening me. Please guide me how to recover my money INR !2500/- from him.

  • 2 Answers
  • 835 Views
Asked at August 29, 2018
Cfd2d819d8dc07418eb38a53ba32b3c8e14f5c86 Atul Kumar
last answered over 3 years ago
jurisdiction for notary

1. Are there any geographical jurisdictions for notarising documents in India ? 2. Can a business deal signed in ,say Bihar , be notarised outside the state, say in Orissa ?

  • 3 Answers
  • 995 Views
Default avatar Henry Raco
last answered almost 4 years ago
Notarising document

Dear Sirs, We have at hand a document issued by an Indian company in Bangalore to our doctor which needs to be stamped and notarized in India. This is an original testimonial letter required by the government in Vietnam for employment permit and licensing. As the doctor has already left India, we...

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Dear Sirs, We have at hand a document issued by an Indian company in Bangalore to our doctor which needs to be stamped and notarized in India. This is an original testimonial letter required by the government in Vietnam for employment permit and licensing. As the doctor has already left India, we would like to engage a representative in India who could undertake the process on our behalf. The letter was written by owner of a clinic in Bangalore to testify that the American doctor stated therein has been in employment with them. Please let us know if it would be possible for your firm to handle this on our behalf and the necessary processes thereof. Would also appreciate an indicative cost for reference. Thanks and regards

  • 0 Answers
  • 357 Views
Asked at June 01, 2018
Leave Policy as per Maharashtra Shops and Establishment Act 2017

I am working in a private company, a subsidiary of government company, in Mumbai. My Company provides me 21 days of casual leaves and 5 days of sick leave and no casual leaves. Casual leaves can be en cashed only for 7 days and other get lapsed. Further the leaves cannot be accumulated nor can be...

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I am working in a private company, a subsidiary of government company, in Mumbai. My Company provides me 21 days of casual leaves and 5 days of sick leave and no casual leaves. Casual leaves can be en cashed only for 7 days and other get lapsed. Further the leaves cannot be accumulated nor can be encashed at the time of leaving the organisation. Is the Policy of the Company valid in view of the following acts i.e. factories act, 1948 and Maharashtra shops and establishment Act, 2017 and any other employment acts. Further can be the policy of the Company be challenged in the courts and can the above acts can override the policy of the Company? and what are the minimum leaves and encashment should be provided by the Company as per the rules in india and which acts are applicable to the Company for determining the leaves and encashment details ?

  • 1 Answer
  • 3187 Views
Asked at May 05, 2018
782fdcdfcb12128bf7acf28289e8be5968bf2274 Kishan Dutt Retd Judge
last answered about 4 years ago
Money Recovery

I have given a 5 lakh rs. to a private company since 4 yrs back. They told they wil give it back aftr 3 years. Now they are refusing to give it back stating that we hav not got money from us. Agreement copy is with us. Is getting a stay order to the company is possible until money is replaced...

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I have given a 5 lakh rs. to a private company since 4 yrs back. They told they wil give it back aftr 3 years. Now they are refusing to give it back stating that we hav not got money from us. Agreement copy is with us. Is getting a stay order to the company is possible until money is replaced atleast of 3 to 6 months??

  • 3 Answers
  • 855 Views
Asked at April 06, 2018
Default avatar Gopala Krishna
last answered about 4 years ago
Questions related to buying of property with bank loan

Three months back I saw an independent house in Hyderabad to purchase. It has only ground floor. As I was fully dependent on the bank loan, I asked the owner to wait till the bank loan gets sanctioned. I gave them a token amount of Rs. 15 lakhs and had taken the Xerox copies of all the documents...

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Three months back I saw an independent house in Hyderabad to purchase. It has only ground floor. As I was fully dependent on the bank loan, I asked the owner to wait till the bank loan gets sanctioned. I gave them a token amount of Rs. 15 lakhs and had taken the Xerox copies of all the documents relating to the house. The owner also agreed to show me all the original documents whenever required ( I gave Rs. 9 lakhs through various modes of payments like bank transfers and cheques within a period of ten days and the remaining amount of Rs. 600000 was given by me by cash and took a receipt on a white paper and 100 rs bond paper from the owner for the entire amount of Rs. 1500000. I have also made an agreement of sale deed for a total consideration value of Rs. 6100000. I have mentioned in the agreement that I have given a token amount of Rs. 1500000 and the remaining amount would be given by me within 3 months OR at the time of registration. I have also mentioned in the Sale deed that as I am fully dependent on the bank loan for purchasing the property (house), and if I do not get the bank loan for ANY reason within the time period specified in the agreement, then the owner shall be liable for the refund of the full advance or the token amount received from me. I have tried the loan in three bank but I could not get the loan sanctioned as the legal paper of the house were not correct. OVERFLOW OF THE TITLE : The original owner of the property was Anasuya. She had purchased total plot of 240 Sq. Yrds from Satyanarayana in the year 1983 and had taken the building/construction plan for total 240 sq yrds from gram panchayat . She passed away in the year 2004 and her husband passed away in the year 2008 and her legal heirs were her two sons and three daughters. These two sons (Srinivas and Kankaiah) have partitioned the above said property through a registered partitioned deed (each having 120 sq yrds) without involving their sisters in the partitioned deed, in the year 2010. The original plan of their mother was agreed to be kept with Kankaiah as per the partition deed done between them. After the partition deed, the two sons have separated and constructed their own houses within their own area i.e. 120 sq yrds each, without applying the new construction plans for 120 sq yrds each, as they believe that if they have the original plan for 240 sq yrds then why would they apply for the new ones. In the year 2017 M. Srinivas (one of the son) has executed a GPA of the said property on his wife's name (Padma) by adding his two sisters as conscenting parties and executants in the AGPA. He also mentioned in the gpa that at the of the partition deed of the two brothers the sisters were not available, so now he is adding them as consenting parties to the agpa and he also mentioned that they have no objection in the above partition deed and they also mentioned that during the lifetime of their parents the two sisters were married and the amount was given to them in the form of sridhan and they have no objection to sell the share of Srinivas i.e. 120 sq yrds. This AGPA was registered. (In this registered AGPA the sign of one of the brothers Kankaiah was not obtained as he already executed a partition deed with his brother Srinivas). Now I have made an agreement of sale deed with Padma on Rs. 100 Bond paper with the above conditions mentioned with two witnesses and have taken a receipt of the token amount given to them which was attested by the signatures Padma and her husband Srinivas on every page. Questions. 1) I applied for a bank loan but the bank is asking for the legal heir certificate from M. Srinivas. But he is not ready to get it from the court. (He says that he executed agpa in place of the legal heir certificate and now he is not ready to get th legal heir certificate from the court). 2) The bank is asking from the building construction plan. But Srinivas says that his mother has already obtained the plan for 240 sq yrds and the brothers have just partitioned the property and now the new plans are not necessary. Till now Srinivas is still paying the property tax on his mother name ANASUYA 3) Now, due to these reasons I am unable to get the bank loan, will I be able to able to get back the entire token amiunt of Rs. 1500000 with the help of the agreement of sale deed and receipt of the token amount? If yes, then how can I recover my money back? What steps could I take? 4) If no, then can I take the signatures of all the legal heirs of Anasuya as witnesses or conscenting parties and execute a sale deed (my own money without bank loan )between me and Padma in order to avoid future complications? 5) Would the building plan of the new 120 sq yrds be required or will the old plan of total 240 sq yrds in the mothers name (Anasuya) work? As the bank is asking for the building plan, I asked Srinivas for the original plan but he says that the original plan is with his brother and his brother is not willing to give it to him. And the original plan was also for 240 sq yrds. 6) I have already informed Srinivas about the requirement of the documents by the bank for the loan in the second month itself. But since the specified period for the payment of the entire amount was three months he smartly said that he would get the documents and give it and finally streched this process for three months. Now he says that the time specified for payment in the agreement of sale deed .was three months and he wants the entire amount and does not care about the loan. However in the agreement of sale deed I clearly mentioned that , I have given a token amount of Rs. 1500000 and the remaining amount would be given by me within 3 months OR at the time of registration.

  • 2 Answers
  • 800 Views
5f2c0e93fd86927955514aac4cc6a060a28782be Prashant Konge
last answered about 4 years ago
Notice by Bank to Non-performing asset

one bank has given housing loan to one person, the loan become npa. bank fill recovery certificate against person. person also fill case against bank. the recovery certificate has been return to the bank by government saying party is not available. while same party appeared in court for hearing....

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one bank has given housing loan to one person, the loan become npa. bank fill recovery certificate against person. person also fill case against bank. the recovery certificate has been return to the bank by government saying party is not available. while same party appeared in court for hearing. my question is can bank serve notice to the party while the case is running at court.? what will be the option for bank for recovery from party

  • 2 Answers
  • 449 Views
Asked at January 17, 2018
Default avatar Ranjana Humane
last answered over 4 years ago
Wrongfully charging higher interest on home loans by banks

I have a home loan with HDFC with variable interest, and despite repeated requests online, via email and social media they refuse to reduce the rate from 12.5%. It is to be noted that the prevalent rates of interest are around 8.5% pa. I'd like to legally challenge them and get them to refund the...

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I have a home loan with HDFC with variable interest, and despite repeated requests online, via email and social media they refuse to reduce the rate from 12.5%. It is to be noted that the prevalent rates of interest are around 8.5% pa. I'd like to legally challenge them and get them to refund the excess amount paid as interest over the last 5 years or so, as well as get them to reduce the ROI going forward. What need I do please?

  • 1 Answer
  • 668 Views
Asked at January 17, 2018
Default avatar Ajit Hariram Lakhani
last answered about 4 years ago
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