G.RICHARD HENRY GNANADHAS Vs. CITI BANK

JUDGEMENT

(1.) The plaintiff in O.S.No. 7929 of 2011 has come forward with this appeal challenging the dismissal of the suit by the Trial Court by its judgment and decree dated 28.09.2012 and its confirmation in A.S.No. 455 of 2012 on 23.08.2013.

(2.) The short facts which lead to the appeals are as follows:- The plaintiff had borrowed a sum of Rs.7,00,000/- as housing loan from the defendant / bank on 01.09.2004. As per the terms of the loan agreement, which has been produced as Ex.B2, the interest is variable and is linked to the Citi Bank prime lending rate. As per the schedule of payment, the plaintiff was required to repay the entire amount in 84 monthly installments of Rs.12,545/- each. Claiming that he has paid the entire amount as per the schedule of repayments provided with the sanction letter, which has been marked as Ex.A2, the plaintiff would contend that the entire loan was discharged with the last payment that was made on 02.09.2011. After making the last payment on 02.09.2011, the plaintiff sought for return of the documents by his letter dated 26.09.2011, which has been marked as Ex.A3. This letter was replied to by the defendant / Bank under Ex.A4 claiming that since there was a debit balance of Rs.1,53,545.50/- as on 29.09.2011, the documents cannot be returned.

(3.) Aggrieved, the plaintiff instituted the suit seeking a relief of declaration that the plaintiff is not liable to pay a sum of Rs. 1,53,545.50/- towards additional interest and for a mandatory injunction directing the defendant to return the documents.