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Nikita Jain (None)     09 January 2013

WHAT SHOULD I DO ??? Plz Reply Fast...

 

I had taken a mortgage loan from the bank @ 9% interest. The installments (EMIs) started from June 2006. The loan was for a period of 7 years hence it was to end in June 2013. The EMIs were worked out at 7500 per month. Today (after 6 years), the bank manager called me up & told me that the interest rates had been floating throughout this period & hence my outstanding balance (as on 1st Jan. 2013) was Rs. 2,00,000. I was shocked. As per my calculation, I just had to pay Rs. 37,500 (i.e. 7500 x 5 months) but now they are asking for Rs. 2,00,000.

What should I do now? Can I take any against the bank ???

Plz reply fast...



Learning

 2 Replies

Chetan Joshi (Advisory/Advocacy)     10 January 2013

Nikita, go back to the loan agreement and see to what it states about the rate of interest ( Post the same ). And I suggest you to not worry, you've done no crime....

 

 

Next time the manager calls up, tell them that you aren't aware of any such condition.

 

 

Regards

Chetan(dot)7679(at)gmail(dot)com

Nikita Jain (None)     13 January 2013

Thanks Chetan Sir. I've given a written application demanding copies of the loan agreement & all other relevant documents regarding the loan. The Manager says it will take 2-3 days. My question is that if the bank does not agree to waive off the excess amount of loan, then what should be my course of action. I mean whom should i approach & what should be my arguement ??? Plz reply fast...


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