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Canara Bank Complaint - Concern Regarding Home Loan from Canara Bank

Review by sachin_bais on 2008-05-02
BANGALORE -- 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 (House # 65) 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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