Lichfl — LICHFL Home Loan- Property Documents not available and int rate not reduced

Address:

Ghaziabad, Uttar Pradesh

ME (CA Aditya Jain) and my brother (CA Saurabh Jain) are the co-owners of the Flat No A-7, Leela Homes, Sector 4, Vaishali, Ghaziabad, UP - 201010 for which we took a loan under Loan Account No. [protected] in the year 2009. At that time the property was under construction. After the Registry of the Flat took place, we approached the Builder for the Registry to be delivered to LIC of India - Kaushambi Branch but he assured us that it is the responsibility of the builder to submit the registry with the Financier'. The same reply was from LIC of India - Kaushambi Branch at that time that they will collect it themselves. As we got the assurance from both the sides, we did not ask for it again. For last 5 years, we are continuously paying our EMI on a regular basis without any default. But, at the time, when we approached LIC of India - Kaushambi Branch for the List of Documents held with them with respect to our application for Balance Transfer through PNBHFL, we were told that the Original Registry is not there, neither with the Branch nor with the Central Office. We also came to know that at the Branch level they entered in the system that the Registry is Received to go ahead with the procedures in the system while they did not have the registry with them. The Branch then approached the Builder through their Advocate, but they were unable to get the Registry of the Flat from the Builder, as he denied to provide the registry to LIC representative. This concludes that the Registry is still with the Builder. We have the Formal Possession Letter and the Registry was done only after complete payment was made by us to the Builder. Now, my question is - Who is responsible for the Registry of the Flat and How do we get that Registry? The Registry is the only Title for our Flat. Though we have the Certified True Copy but that does not suffice any purpose at all. If LIC of India does not have the Registry of the Flat, i.e. the only security against the Home Loan they provided, then how would we get the ownership rights into the property after the complete repayment of the Loan. When we told them that we won't pay the EMIs they shamelessly told us that they will file case against us and builder and will get the flat sold to recover money. Further, each time LICHFL increases interest rate and term without even informing to customer and when we asked them to revert it in line with current market rates, they shamelessly demands Rs 30, 000 citing procedures Kindly do the needful and revert.