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Gurlovleen

Panel Opinion Fees

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Gurlovleen

Applied for a loan against property from a govt bank.The panel lawyer of the Bank demanded an amount claiming to be his opinion fees.I told him that he is being paid by the bank.He said every 5 yrs the bank renews the empanelment and he is not a permanent employee.Apart from what the bank pays him,he is entitled for opinion fees.

 

I'd like to seek information on the above mentioned subject

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Prasad GLN

Do not make a mountain out of a mole. Just inform the same to Bank Manager. The bank pays prescribed fees, and in turn recovers it from the borrower's account. That is it.

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Gurlovleen

I did inform the Manager.He advised me not to make an issue out of small things and these are formalities to be observed.Further he stated that panel lawyers are very senior people and well connected.

 

I asked him for the copies of orders regarding fees paid to panel lawyers.He said I'm asking irrelevant questions

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Prasad GLN

Getting such copy of laid down fees from CPIO of the Bank is easiest thing, but whether advocate has given legal opinion and you had that copy with you is important, if you make this as big issue, refer to CPIO, then advocate may even provide adverse opinion. Bargain and compromise if you want the loan badly or approach any other bank that suits your need.

(Remember the fees paid by Bank to advocate is very less, as advocates want prestige and standing they are after such retainership, and any other lawyer demands three times more fees by Public)

Choice is left to you. If you to continue the fight file RTI Application to CPIO and see copy of laid down retainer fees for getting legal opinion.

(Now as that you have given your manager's opinion, read the reply in my first sentence once again. Fortunately you have not misunderstood the manager, I have seen borrowers blaming that managers also get a share from such advocate fees, like Doctors from tests and drug purchases, Manager at the most expect deposits through influence of advocate..that is the only thing. He can forego your loan, but can never his relationship with advocate)

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Gurlovleen

Sir,

 

I was asked to visit the lawyer Office to get my loan papers signed. I was not aware of the fees formalities.Even the marketing people who called me never explained about such formalities.As advised I will contact Private Banks

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Prasad GLN

It is your option, but my personal advice is never go to Private Banks, and always prefer only Public Sector Banks, where you can have a say in various forums. Private Bank is a girl friend whereas PSU is a wife.

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