Bank loan
tushar
(Querist) 15 July 2012
This query is : Resolved
Good day Sir/MAdam,
In 2009,
I took 20 lacs Home loan from ICICI bank
and paid EMI regularly for @ 8 months then prepaid 3 lacs and reduced my EMI.
after 3 moths i again prepaid 3 lacs and reduced loan amount.
as loan rate was increseing i closed loan.
At last Loan closer amount was @ 13 LAcs.
But ICICI charged 2% flat on 20 LAcs Amount,year apr 2011
without consideration of EMI of 12 months.
When i Closed the LOan RBI had not put circular to waive prepayment penalty, I don't have any issue to pay the charges, But bank charged penalty on Full 20 lacs,without deduction in penalty of Amount Equivalent to 1 year EMI.as it is old case now can i reopen the case.
please advice.
Devajyoti Barman
(Expert) 15 July 2012
When have you paid?
If at the time of your payment the RBI Circular was not in the effect then you could do nothing now.
ajay sethi
(Expert) 15 July 2012
loan was repaid by you in April 2011 . circular issued by RBI will have only prospective effect .
R.K Nanda
(Expert) 15 July 2012
Agree with expert Barman.
V R SHROFF
(Expert) 15 July 2012
Agreed with Experts.
c.p.s. ramachary
(Expert) 15 July 2012
Your loan is Term Loan repayable in instalments. Pre-closure charges are being claimed / collected for last 10 years in cases where loan is closed before due date. You have to check up the loan agreement and find out what the relevant clause relating to payment of pre-closure charges speaks. If it is mentioned that the pre-closure charges are claimed / collected on the sanctioned amount i.e. 20 lacs you are bound to pay on that amount. If it is not mentioned, then, on the reduced balance amount of the principal loan amount i.e 13 lacs. Please request the bank to waive the preclosure charges. Some banks are considering the waiver.
