Cheque not disbursed to the builder but bank charged

Rakesh (Querist) 11 April 2018 This query is : Resolved
Hi Team,

I need your help to understand that my bank has charged interest despite the cheque was not issued to the builder. As per bank, they have credited the loan amount to my home loan account, but they have not issued the cheque to the builder. Physical transaction did not happen from my home laon account to builder's account, Can bank take interest charge?

Best Regards,
Rakesh

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P. Venu (Expert) 12 April 2018
The Bank's action appears to be correct.

Dr J C Vashista (Expert) 14 April 2018
Discuss with your banker, action of the banker appear to be illegal and invalid till disbursement of loan amount.

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