K. LAKSHMINARAYANA Vs. K. UPENDRA RAO

JUDGEMENT

(1.) This revision petition filed under sec. 21(b) of the Consumer Protection Act, 1986 (in short, the 'Act') assails the order of the Punjab State Consumer Dispute Redressal Commission, Chandigarh (in short, 'State Commission') in First Appeals No. 1388 of 2013 and 1346 of 2013 dated 17/10/2013 dismissing the appeal against the order of the District Consumer Disputes Redressal Forum, Bhatinda (in short, 'District Forum') in Consumer Complaint No. 579 of 2012 dtd. 17/10/2013.

(2.) The brief facts of the case as per the revision petitioner are that the petitioner has been held by the State Commission deficient in embossing the stamp "Sold" on the title deeds of the property mortgaged the petitioner against loans obtained by them from the petitioner and to refund the excess amount of interest charged @ 19% instead of @ 14.75%. It has also directed petitioner to pay the respondents compensation of Rs.35,000.00, to refund the entire stamp value on the sale deeds at the Collector rates. It dismissed FA 1388 of 2013 filed by petitioner and allowed FA 1346 of 2013 filed by the respondent herein. The order of the District Forum was merged with its order by the State Commission.

(3.) The petitioner's case is that the petitioner being a housing finance company had extended two loans to the respondents against property on 07.11.2009for Rs.20,25,000.00 (Loan Account No. HLAPBAT00054705) and Rs.5,00,000.00 (Loan Account No. HLAPBAT00054667), both to be repaid in 120 installments at a floating rate of interest. The floating rate of interest was 17.75% on the date of execution while the effective rate offered was 14.75%. The loans were against mortgage of property No. 4539, Midhu Mal Street, Chamunda Shopping Complex, Dhobi Bazar, Bhatinda.