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Scrutinise agreement before signing it

The National Commission indicted the bank for having obtained signatures on the loan agreement in which critical spaces had been left blank

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4 min read Last Updated : Feb 27 2022 | 9:29 PM IST

Sudhakar Venkatesh, a non-resident Indian (NRI), had availed of a housing loan of Rs 40 lakh from ICICI Bank under the NRI loan scheme. The loan was sanctioned at a fixed interest rate of 8.5 per cent. It had to be repaid in 120 monthly instalments of Rs 49,595 each. Sudhakar executed a General Power of Attorney in his father’s favour to enable him to sign the loan agreement.

After the agreement was executed on March 22, 2006, the bank disbursed the entire loan. Sudhakar paid the EMIs regularly. After paying around Rs 59,65,000, he sent an e-mail to the bank

Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

Topics : housing loans National Commision NRI investments Bank loans

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