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[Resolved]  Canara Bank — Home loan from Canara Bank

This is regarding the home loan account # 1780 and 2165 that I am holding with CanFin Homes Ltd., Bangalore I have availed this loan from CanFin Ltd through the branch office located at 4th Block Kormangala, Bangalore for purchasing the property situated at Pearl City township in Bangalore.

Due to heavy increase in interest rate during the period I have taken the loan and now, I am finding it difficult to repay the loan and planning to sell this property, I have requested CanFin to transfer the remaining loan to the prospective purchaser of my property considering his eligibility of bearing the loan. However CanFin have currently refused to transfer the loan specifying the reason that there are currently municipal elections going on in the area and due to which registrations are not currently possible. In lieu of this, bank cannot finance the loan and we need to wait till the elections are over to process further on this matter.

However at the same time, CanFin has communicated to the prospective purchaser that Bank cannot provide the loan to purchaser, reason being there are legal issues in the property due to which the property cannot be registered. This way Canfin is giving different reasons to me and purchaser for not providing the transfer of loan.

Because of such misunderstanding created by Bank, the purchaser of my property wants to back off from the deal and I am not able to sell off the house. At the time of availing the loan from CanFin, the then manager has assured me that they have verified the credibility of the builder and have provided their approval to the Pearl City township. Also, I am assuming that CanFin has regularly visited the site and have performed inspection for any irregularity while disbursing loan installments. So, I was very surprised to hear from that the CanFin cannot fund any property in Pearl City due to illegal construction done by builder however, that construction was existing for long time and bank had released money from my loan to builder and had never raised any concern in past about that.

I had opted to take loan from CanFin considering the trust that they enjoy in market however I am deeply hurt by the treatment that they have given me in this case and seems like bank has negotiated with builder for disbursing my entire loan and now showing disinterest in transferring loan on same property.
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Aug 14, 2020
Complaint marked as Resolved 
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Dear Sir,
Beware of this Canara Bank. They do not honour their loan agreement or they have any intention of honouring the Privity of the Loan Agreement. But still they shall file a case of recovery against the middle class consumer. The idea behind this is it creates an alibi for them to sell the houses at a cheap rates i.e. market rates and the respective bank manager and the recovery officers get a commission from the buyers who got their properties at cheap rates. Example: In Maharashtra Sugar mills worth hundreds of Crores were sold at mere throwaway prices like meagre figure of aroundRs.30 crores (last month's newspaper articles, Recovery officers of the DRTs arrested in Mumbai DRT, . It is better to know that almost most of the registrars, recovery officers are officers of the various banks sent either on deputation or on transfer).

Finest example is even my wife is fighting a case against this Canara Bank for saving here properties. And the strory is as follows:
1. My declared illegally her Housing Loan as NPA.
2. My wife offered to settle the entire loan at a single payment and asked for a commitment from the bank that the tiltle deeds shall be handed over to her. But the bank refused and proceeded to take SARFAESI action (a draconian and anti-people act unilaterally biased to the bank officers and aiding them in such frauds).
3. A civil case filed against my wife and me and our friend for recovery of the so-called loan by hiding the fact that my wife offered to settle immediately and by hiding the fact the bank officer did not want the loan settlement but only wished to proceed for legal suits.
4.As a last resort my wife filed complaint before the consumer forum praying to direct the bank to honour the loan agreement. The case and harassment goes on for the last four years without we finding an end.

With regards,

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