Union Bank of India misplaces MOD title deed

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UBI

HYDERABAD: A title deed may be a crucial document required to hold out any kind of dealing concerning the property. If such a key document is misplaced by a bank with that it’s mortgaged, it would cause a loss. For such negligence, the Union Bank of India was directed by the State Consumer Disputes Redressal Commission (SCDRC) to pay a client Rs 5 lakh for the financial loss, Rs 50,000 for non-return of documents and Rs 5,000 for inflicting mental agony.

A town resident, P.Srinivasulu, had taken the loan from the bank in 2006 and approached the bank in 2013 to shut his housing loan account so as to sell the house. believing that the property document was within the safe custody of the bank, Srinivasulu entered into an agreement with a purchaser to sell his flat for Rs 32 lakh. however to his disbelief, the documents weren’t derived and therefore the bank admitted that the deed of the property was misplaced.

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In the absence of the title deed, Srinivasulu had to lower the sale worth of his flat to Rs 25 lakh and was asked by the prospective purchaser to induce a duplicate of police FIR and a certificate from the bank that the documents were misplaced. however, the bank failed to issue the certificates as sought-after by Srinivasulu in time. However, he sold-out the flat for Rs 25 lakh, thereby losing Rs 7 lakh that he might have gotten had the bank given him the title.

The bank told the commission that some documents couldn’t be made because of some delay and argued that the complainant wasn’t entitled to any relief. however the SCDRC aforementioned banks are employed by individuals for security purpose and after keeping documents of mortgaged title deeds, it had been their obligatory duty to present them back. Besides directive the bank to pay Rs 5.55 lakh, the SCDRC aforementioned that original title had to come or a duplicate title be issued to the complainant.

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