Advise on pre-closer of mortgage loan.
koteswara rao jonnalagadda
(Querist) 22 October 2012
This query is : Resolved
respected experts,
namaskar and wish you happy vijayadasami.
sir,
i have taken aloan from icici bank of rs 13.5lacs by mortgageing my residential property in sep 2008,on following terms.
type of loan-home equity loan-resident ind
amount sanctioned-13.5lacs
rate of interest-16.5%floating.
term-180 months.
e.m.i-rs19127/-p.m
on the above terms i have taken loan with a pre closer charges of 2%
since my health was badly effected and my age is 57years,doctor advised me to take rest by redusing all my stress,at this juncture in the month of june 2012 i went to the bank to find out my out standing balance for making arrengements to close the a/c.
for my shocking they told me my out standing balance is rs12.6 lacs,where as i have paid till may-2012 rs8.77 lacs,that means roughly.9 lacs adjusted towards principle and balance 7.9 lacs adjusted towards interest for 44 months.after getting back the principle also bank is charging on the original borrowing for this
type of deduction i never signed any document.at this juncture i kept money in my savings bank in the month of july ,
and writing letters to close loan a/c as per my caliculation it is approxmately 8to 9 lacs this money i kept at bank for more than 3 months and written 4 registered post-ack letters and 6to 7 e-mails but they are not coming forward to close my a/c or to show me my written commited letter as they are caliculating and buyfercating interest and principle component.
which is the right governing body or judicial body to solve this issue .
iam still paying regularly the emi's every month,bank is taking the advantage of sarface act.kindly guide me i am not interested to continue the loan,in the mean time i undergone for open heart surgery on 13 th aug 12 due to this torture this also i brought to the notice of the bank but no reply for it.
i am in multible losses ,kindly guide me how to come out the situationand if possible leave your mobile numbers for further guidence.i am from hyderabad.
thanking you,
with regards,
koteshwararao jonnalagadda
Guest
(Expert) 22 October 2012
Represent to the Banking ombudsman of your area/state. You may select the area ombudsman address from the following link:
http://www.rbi.org.in/SCRIPTs/bs_viewcontent.aspx?Id=164
If you need more help you are welcome to contact with your full particulars and details of the problem at: dcgroup1962@gmail.com
Isaac Gabriel
(Expert) 22 October 2012
You can very well obtain statement of accounts/Ledger Extract and consult a lawyer if you find the bank has overstepped its authority in posting your emi remittances.
M V Gupta
(Expert) 22 October 2012
The banking ombudsman for AP is at Hyderabad c/o RBI. Pl check ur loan agreement. EMIs are appropriated towards interest first and then towards pricncipal.But the Bank will have to recalculate this appropriation if the loan is to be prepaid. Discuss this with ur Banks branch where u have taken the loan.If u are not satisfied with the discussions u may then approach the Omudsman with ur calculations. He will decide the issue after hearing both the parties.
K.K.Ganguly
(Expert) 22 October 2012
It is the practice of all the Banks to appropriate the EMI towards the interest first. If you want to prepay the loan amount, the interest amount has to be recalculated. Write a letter to the Bank Manager through your lawyer under copy to its Regional & Head Office for a fresh calculation & acceptance of prepayment.
If no response is found, write to the ombudsman.
