Legal Question in Banking Law in India

Forgery by ICICI Home Loans

This is regarding Tampering of document (Application Form) related to Home loan by Neelesh (Vashi Branch). I had applied for 8% fixed interest rate (Infact I had insisted on that) and he changed it to Floating rate without my knowledge. Which can be clearly seen in the document. They had showed it to me once after my loan was sanctioned but after I noticed it they are not willing to give it to me. I had signed the other documents with complete trust on those guys and they betrayed for their selfish motives. Even the Manager Radhakrishnan acted bossy and said ''Nothing can be done, do whatever you can.'' whereas he should apologised for the criminal act and taken immediate action against the Executive. Its kind of a racket. Do you think I would get the interest rate (8% Fixed) that I was promised.


Asked on 6/24/05, 11:34 pm

3 Answers from Attorneys
Vivek Anand M/S.VIVEK ASSOCIATES

Re: Forgery by ICICI Home Loans

The onus lies on you to prove that the promise was breached by the Bank, which can only be decided by having a look at the documents. Have you taken a copy of the loan agreement, which you are disputing now.

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Answered on 6/27/05, 12:33 am
Nand Kishore NK Associates

Re: Forgery by ICICI Home Loans

In your case, the ICICI has committed breach of trust. Therefore, ICICI is liable to be sued for compensation for changing the interest from 8% floating rate to 8% fixed rate. Normally, the loan papers are got signed from the customers by the agents after partly filing the form. In your case when you had specifically sought for 8% fixed rate by indicating on the form then any alteration can be done only after informing you. Further even if any alteration is carried out in the form by cutting or re-writing, the same should bear your signature endorsing such change. In absence of any such endorsement, the said change is illegal and the bank authorities are liable under both civil and criminal. The act of ICICI also constitute criminal breach of trust under the Indian Penal Code.

We would advise you to first issue a legal notice to the concerned person (In this case we assume it is Mr.Radhakrishnan. Also mark a copy of your notice to the Reserve Bank of India. If need be you separately write a letter to the RBI grievance cell and inform them about the harassment being meted out to you by ICICI.

Thereafter you may approach the District Consumer Forum for redressal of your grievance.

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Answered on 6/25/05, 1:01 am
Jayesh Desai Jayesh Desai

Re: Forgery by ICICI Home Loans

Ideally you should file a complaint either with consumer forum or with Ombudsman - inquire at RBI office nearest to you - and they shall give you all ifnormation - as this will be the cheapest and most effective mode for you to handle.

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Answered on 6/30/05, 11:48 pm


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