Legal Question in Banking Law in India

I had applied for a home loan from HDFC bank and gave processing fee cheque. But the cheque got bounced due to insufficient balance. While submitting my documents to executive I clearly explained the person that this is the month end and present the cheque next month or just inform me once you are going to present the cheque.

now after cheque bouncing, the same executive says you will have to pay double processing fee.

Can someone please suggest what should I do now?


Asked on 12/19/16, 11:26 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

20.12.2016

Dear Madam / Sir,

FII's - Financial Institutional Investors & Investment bankers are also required to follow the rules and regulations stipulated by RBI from time to time. They may be able to flout rules once, twice but not over and over again. In my opinion, should you still choose to avail of your housing loan through HDFC, replace the processing fee cheque with another current dated cheque ensuring that funds are available in your A/c else pay the fine to HDFC for cheque bouncing (twice the processing fee amount) and look for another Bank for your housing loan sanction and disbursal.

Regards,

Read more
Answered on 12/20/16, 3:03 am


Related Questions & Answers

More Banking Law questions and answers in India