Coimbatore: The district consumer redressal commission has directed a private housing finance firm to pay a compensation of 55,000 to a customer for damaging his original property title documents . According to an official source, M Mallishwaran , of Idyar Street, had taken a housing loan of 4.98 lakh from Motilal Oswal Home Finance Limited at Gopalapuram on June 30, 2017, by depositing his property’s title deeds with the lender.
“He diligently paid his EMIs on time. However, he later encountered a severe financial crisis and business losses. Subsequently, Mallishwaran approached Aadhar Housing Finance near RS Puram for a loan against his property.
The firm issued a sanction letter and indicated that it could take over the existing loan from Motilal Oswal Home Finance,” the source said. Mallishwaran closed the loan with Motilal Oswal Home Finance on January 8, 2024, and got back all the original documents, which he found were in a damaged state, the source said. “The documents looked like they were soaked in water.
The finance firm attributed this to a fire accident at Stockholding Document Management Services Limited, where the original documents were stored.” Mallishwaran filed a petition with the district consumer disputes redressal commission, citing severe financial losses due to the negligence and carelessness of the housing loan firm. In its order, commission president R Thangavel and members P Marimuthu and G Suguna directed the housing loan firm to pay a compensation of 50,000 to Mallishwaran and another 5,000 towards the cost of legal proceedings.
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