Lender must acknowledge documents in custody

Once settlement is agreed and the first payment is given on receipt saying that the letter of settlement will be issued before collecting the next installment, can the case be put back into consideration for a new settlement?
It appears that you were orally informed that on payment of certain amount, you will be issued a settlement letter. You are under a misconception that the bank has agreed to settle your dues. If you do not have any letter on the bank’s letterhead duly signed by its authorised official/s, please take it that no settlement has yet been offered to you. Nevertheless, you can approach the bank explaining your difficulties if any for consideration.

I have taken a loan of Rs20 lakh from a private housing finance institution for a newly developed building and have my paid all my EMIs on time till date. My query is this: The housing society is now in the process of preparing the share certificates and has taken an NOC from members that if there is a loan on the house, they will send the share certificate directly to the housing finance company.

Hence, I enquired with the housing finance company as to when they receive the share certificate from the housing society, will they send us an acknowledgement of receipt. However, they said that they will not, and that the society should issue a letter.

However, I believe that any institution holding any document as security on a loan should issue some sort of acknowledgement of possession. At the time of taking the loan, the company did issue a list of documents received by them. Now in this case, is it proper for them to not issue me an acknowledgement? What can be done? — Fernandes
As a matter of fact, the lender is supposed to give not only an acknowledgement of receipt of share certificate, but also copies of documents which you have executed for your records in case one demands.

You may send your request in writing to your housing finance institution. If you do not get a reply or a satisfactory reply, you can then approach the regulator — the National Housing Bank —
which is a nodal agency to look after all housing finance companies.

Complaints cell against HFCs is located at:  National Housing Bank Department of Regulation & Supervision, Core 5A, India Habitat Centre, Lodhi Road, New Delhi - 110 003.

The complaint can also be e-mailed at crcell@nhb.org.in.

The writer is chief counsellor, Abhay credit counselling, a trust sponsored by Bank of India. He will answer credit card and loan queries and can be contacted at dnadebtqueries@gmail.com