Home loan foreclosure

SANTOSH (Querist) 08 October 2012 This query is : Resolved
Dear Sir / Madam I have few question regarding my floating rate home loans.
1. I have asked for a home lone foreclosure letter from the bank they have charged me 2%Foreclosure charges @ 2.00 % +12.36% service tax on outstanding Principal.
2.I have lost a job for 3 months a year ago I could not make my home loan payments on time & I have informed bank (By call & by email to the bank about my situation) In spite of me informing about my situation to the bank, The bank no way has helped me. ECS facility Broke so I have made cash payments every month with our fail after I got a job, But the bank have presented my security checks inspite of me making cash payments every month with out informing me and now on foreclosure letter they have charged me Cheque Bouncing charges, Broken period interest, Late Payment Penal Charges.

Please advise me how to deal with it as im in the process of selling my house and making a foreclosure of my Home loan.

Thank & Regards

Santosh.

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ajay sethi (Expert) 09 October 2012
since while taking loan you opted for ECS facility and payment could not be made to bank under ECS on account of insufficet funds in your account bank must have presented security cheques and charged you cheque bouncng charges , penal interest etc.
what is the amount involved?

it is better to pay off the bank and release your flat . if you enter into dispute bank wont accept foreclosure and you wont be able to sell your house