Tanya priya
New member
- Bank Name
- AADHAR HOUSING FINANCE LTD.
- Loss Amount
- 1500000
- Ratings
- Opposite Party Address
- AADHAR HOUSING FINANCE LTD.
To
The Banking Ombudsman,
Reserve Bank of India
Subject: Complaint regarding sale of mortgaged property below circle rate without due notice or disclosure by Aadhar Housing Finance Ltd.
Respected Sir/Madam,
I am writing to formally lodge a complaint on behalf of my client Mr. Vivek Kumar, son of Shri Raj Kishore Sah, resident of Ward No. 12, Chand Sarai, Near Vaishali, Bihar – 844122, in relation to the unlawful sale of his mortgaged property by Aadhar Housing Finance Ltd., without proper notice, consent, or disclosure.
My client had availed a home loan from Aadhar Housing Finance Ltd. under Loan Code No. 1710000290. Due to financial hardship, he was classified as a Non-Performing Asset (NPA) on 08.08.2024, with an outstanding due amount of Rs. 2,98,542.57. Despite his repeated requests to the lender seeking reasonable time to repay the dues, the lender proceeded with the sale of the mortgaged property without providing any prior intimation or proper disclosure of the sale details.
It is also brought to your attention that the circle rate of the mortgaged property is Rs. 12,00,000 (Twelve Lakhs). However, the property was allegedly sold at a significantly lower amount, purportedly Rs. 4,00,000 (Four Lakhs), without issuing any communication to my client or seeking his consent. This sale appears to have been conducted arbitrarily and in gross violation of the applicable rules and procedures governing recovery of dues and sale of secured assets.
Furthermore, despite multiple personal visits and legal notices sent to Aadhar Housing Finance Ltd., both at its Thane Head Office and Patna Branch Office, the institution has failed to provide:
The actual sale price of the mortgaged property,
The date of sale,
The basis for fixing the sale price at Rs. 4,00,000, and
The reason for proceeding with an internal auction process even when my client had expressed willingness to clear the outstanding dues.
Given the serious procedural lapses and denial of rightful information to my client, I humbly request your good office to kindly initiate an appropriate inquiry into the matter and direct Aadhar Housing Finance Ltd. to furnish the following information to my client at the earliest:
The actual sale consideration received for the mortgaged property.
The date and mode of auction/sale conducted.
The reasons for undervaluing the property and fixing the sale amount at Rs. 4,00,000, when the circle rate is Rs. 12,00,000.
The grounds for disregarding my client’s repayment request and proceeding with the sale.
Details of the Financial Institution:
AADHAR HOUSING FINANCE LTD. (Head Office)
2nd Floor, High Street cum Highland Corporate Center,
Majiwada, Kapurbawdi Junction,
Thane (West) – 400607.
AADHAR HOUSING FINANCE LTD. (Patna Branch)
Office No. 301 & 302, 3rd Floor, Shyam Centre,
Opp. LIC Building, Exhibition Road,
Patna – 800001, Bihar.
I request your kind intervention in this matter to ensure justice is served and appropriate action is taken against the concerned financial institution for their failure to adhere to fair practices.
Thanking you in anticipation.
Yours sincerely,
Adv. Tanya Priya
Advocate, Patna High Court
Mob: 9546121781
The Banking Ombudsman,
Reserve Bank of India
Subject: Complaint regarding sale of mortgaged property below circle rate without due notice or disclosure by Aadhar Housing Finance Ltd.
Respected Sir/Madam,
I am writing to formally lodge a complaint on behalf of my client Mr. Vivek Kumar, son of Shri Raj Kishore Sah, resident of Ward No. 12, Chand Sarai, Near Vaishali, Bihar – 844122, in relation to the unlawful sale of his mortgaged property by Aadhar Housing Finance Ltd., without proper notice, consent, or disclosure.
My client had availed a home loan from Aadhar Housing Finance Ltd. under Loan Code No. 1710000290. Due to financial hardship, he was classified as a Non-Performing Asset (NPA) on 08.08.2024, with an outstanding due amount of Rs. 2,98,542.57. Despite his repeated requests to the lender seeking reasonable time to repay the dues, the lender proceeded with the sale of the mortgaged property without providing any prior intimation or proper disclosure of the sale details.
It is also brought to your attention that the circle rate of the mortgaged property is Rs. 12,00,000 (Twelve Lakhs). However, the property was allegedly sold at a significantly lower amount, purportedly Rs. 4,00,000 (Four Lakhs), without issuing any communication to my client or seeking his consent. This sale appears to have been conducted arbitrarily and in gross violation of the applicable rules and procedures governing recovery of dues and sale of secured assets.
Furthermore, despite multiple personal visits and legal notices sent to Aadhar Housing Finance Ltd., both at its Thane Head Office and Patna Branch Office, the institution has failed to provide:
The actual sale price of the mortgaged property,
The date of sale,
The basis for fixing the sale price at Rs. 4,00,000, and
The reason for proceeding with an internal auction process even when my client had expressed willingness to clear the outstanding dues.
Given the serious procedural lapses and denial of rightful information to my client, I humbly request your good office to kindly initiate an appropriate inquiry into the matter and direct Aadhar Housing Finance Ltd. to furnish the following information to my client at the earliest:
The actual sale consideration received for the mortgaged property.
The date and mode of auction/sale conducted.
The reasons for undervaluing the property and fixing the sale amount at Rs. 4,00,000, when the circle rate is Rs. 12,00,000.
The grounds for disregarding my client’s repayment request and proceeding with the sale.
Details of the Financial Institution:
AADHAR HOUSING FINANCE LTD. (Head Office)
2nd Floor, High Street cum Highland Corporate Center,
Majiwada, Kapurbawdi Junction,
Thane (West) – 400607.
AADHAR HOUSING FINANCE LTD. (Patna Branch)
Office No. 301 & 302, 3rd Floor, Shyam Centre,
Opp. LIC Building, Exhibition Road,
Patna – 800001, Bihar.
I request your kind intervention in this matter to ensure justice is served and appropriate action is taken against the concerned financial institution for their failure to adhere to fair practices.
Thanking you in anticipation.
Yours sincerely,
Adv. Tanya Priya
Advocate, Patna High Court
Mob: 9546121781