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I took out a home loan from Bank of Baroda in Bangalore, Karnataka in 2016. The bank disbursed the loan amount and I received the property from the builder, along with the original sale deed. After a couple of years, the bank asked me to submit the original sale deed and create a mortgage agreement, threatening a 2% penalty if I failed to comply. Despite my attempts to communicate that I was not in India at the time and would be travelling soon, they did not respond to my requests for guidance on the required procedures. I sent two reminders but still received no response. They have already imposed the 2% penalty, which they are unwilling to reverse. I have offered to close the loan if they reverse the penalty, but they are not responding to my proposal. What options do I have in this situation?
Sir, firstly you should review the loan agreement and document all communications with the bank. You can also file a formal complaint to the bank and then you can escalate the matter to the Banking Ombudsman if unresolved. It is advised to consult an expert lawyer who will assist you in navigating the complexities of the matter. For further legal assistance contact us on our helpline number.