Please allow me to share my personal experience with the way Bank Populaire Rwanda (Kora branch in particular) handled loans that were issued to one of their clients. This client is a relative for whom I signed a recommendation and provided my property to use as collateral before he got the loan.
After this client serviced his loan, he returned to me the original documentation for my property. Somehow, he went back to the bank and was issued two more additional loans using copies of my documents and failed to service the second loan. Without my knowledge whatsoever, the bank managed to get authorization from the Gasabo High Court to go ahead and auction my property.
I have two questions; first, how does a loan officer approve a loan without original documents that pertain to the collateral, and second, how does a judge approve the auction of someone’s property without the bank providing any original documentation, and worse, without the property owner’s knowledge? I am in a dilemma