Standard Chartered Bank — Loan applicants beware: refusing to hand over property paperwork over unexplained charges

NaveenPurushothaman

from Chengalpattu, Tamil Nadu

Address:

560022

Be careful before you take a loan with standard chartered. I had taken a small property loan (5 year tenure) from standard chartered (Mg road bangalore branch) in 2004. Since i got a job that paid much better in 2015 i paid the remaining balance in 2015. At that time i was told that i should stop by after the loan tenure to pick up my land papers. I was out of the country for a while, so i didn't collect the paperwork until now. So i went to the bank branch a couple of months ago. I was asked to bring some identification papers which i did a few weeks later. Then they told me i had a pending balance on my loan account! Apparently this amount was rs. 13000 in 2009, they tried to contact me at my phone number (Which has changed) and since they couldn't, they kept penalising me and now i owe them rs.40000. I was shocked, so i asked for an explanation about the charges. Till now they have not been able to explain exactly what these additional charges are, only that until i pay this i will not get my paperwork.In other words they are holding my land papers hostage for some charges that they are not able to clearly explain. All this after i had explained to them how urgently i need the papers a few weeks ago.

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Standard Chartered Bank customer support has been notified about the posted complaint.

Jun 13, 2016

Updated by NaveenPurushothaman Be careful before you take a loan with standard chartered. I had taken a small property loan (5 year tenure) from standard chartered (Mg road bangalore branch) in 2004. Since i got a job that paid much better in 2005 i paid the remaining balance in 2005. At that time i was told that i should stop by after the loan tenure to pick up my land papers. I was out of the country for a while, so i didn't collect the paperwork until now. So i went to the bank branch a couple of months ago. I was asked to bring some identification papers which i did a few weeks later. Then they told me i had a pending balance on my loan account! Apparently this amount was rs. 13000 in 2009, they tried to contact me at my phone number (Which has changed) and since they couldn't, they kept penalising me and now i owe them rs.40000. I was shocked, so i asked for an explanation about the charges. Till now they have not been able to explain exactly what these additional charges are, only that until i pay this i will not get my paperwork.In other words they are holding my land papers hostage for some charges that they are not able to clearly explain. All this after i had explained to them how urgently i need the papers a few weeks ago!