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IDBI Bank
Santhosh @SantoshKP
Jun 26, 2022 08:43 PM, 665 Views
ROD
IDBI HOME LOAN – SHCIL Fire damaged Original Docs

IDBI HOME LOAN – IF YOU HAVE TAKEN HOME LOAN PRIOR TO DEC 2017 – READ THIS – AS YOUR ORIGINAL DOCUMENTS MIGHT BE AT RISK


With a home loan and top up loan with IDBI Bank(Indira Nagar Branch and Electronic City Branch), the bank failed to be transparent and honest to the customer when Bank’s document custodian(SHCIL) failed to keep documents safe.


The original Sale deed was found dampened with all signatures spread across and khata document given for top up loan was found missing. Both instances were the aftermath of fire at StockHolding Document Management Services Limited(SHCIL) in Dec 2017.


For the document that was damaged, bank never informed the customer and it came to light only when customer had to request for the original documents. Original khata document was given to the bank for the top up loan taken on 24th July 2015 and bank requested the customer to submit the same document again on 16th Apr 2018 - Hardly 4 months after the fire at SHCIL! Though one of the bank manager’s mail states as per Finacle original Khata is submitted’, the bank still looks for a physical copy of acknowledgement in digital age!


When Bank holds the customer’s sale deed/other original documents in capacity as the trustee of the owner, it is the duty of the bank to preserve it in the condition in which it was delivered. I hope several other customers would have gone through same pain after the SHCIL fire. It was only after continuous follow up, the customer was informed about the reason and provided a digital copy of sale deed signed by First Division Assistant(FDA)/Second Division Assistant(SDA). For Khata, the Bank still says it is not given - though the official mail communication states the other way.


I am not sure how @IDBI_Bank and @IDBIBankCares can help on this.


@StockholdingDMS was ’kind’ enough to provide an acknowledgement to the Bank stating that ’the document stored by IDBI were partially damaged due to water used as a part of firefighting operations’. The bank did a follow up only on 29th Sep 2021- i.e. only after the customer found the damaged document! This in turn turns out to be a very silly affair - Just an apology mail for an important document that is probably the life’s saving for a common man.


Though this incident was brought to the notice of consumer helpline(docket #3070657), @nch1915 just reverted with the same response given by the bank.


I could verify the SHCIL fire through https://timesofindia.indiatimes.com/articleshow/62045183.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst - Thanks to @TOIIndiaNews


Customers need to be more vigilant and need to think twice prior to take a home loan or hand over the original documents to this bank.


This incident is being shared for the benefit of other customers who would have taken home loan during the same time.

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