Mortgage Grievance Letter

By | December 24, 2012

To,

Branch Manager

HDFC Bank

456 Steve Street, Canada

12th September’2012

Subject: Release of mortgaged asset


Sir,

I took a house loan of $12000 from your bank on 1st June’2010, at an interest rate of 9% p.a., to be repaid in 25 Equal Monthly Installments against 750gms of gold jewelry. The loan has been completely repaid with the last installment paid in July’2012 and the property is now freehold.

However the asset mortgaged against the loan is still lying with the bank even after complete repayment. On enquiry at your branch, I was told about a clause which gives the bank a right to keep the asset till 6 months after repayment of loan, which was never mentioned to me at the time of taking the loan. The clause is also not in line with the banking regulations as per the Central Bank.

Since such a clause was not mentioned at the time of signing the agreement, it should not be binding over my property. I request you to see into the matter and advise me over the steps to be taken for release of my asset. Please also mention the remedies available for release if I fall under the purview of this clause.

Thank You

Lucy Macini

20 E. Avenue, Canada


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