greetings to all home loan members,
I have a very difficult situation.
I have taken loan from SBI -teaser loan April 2010. Builder was constructing flat with due handover in 2011-12 financial year
However the following events have taken place.
as per construction linked payment first disbursement was made and deductions by ECS started every 10th. Full first year charges deducted by direct debit whereas only 50% loan was disbursed.
This continued upto second disbursement nov'10 (now 65% home loan disbursed) following which a letter was recieved RACPC informing irregularities in payment (SYSTEM GENERATED LETTTER ) Dec 10 and subsequently in Jan 2011 additional deductions made over and above to regular deductions by direct debit. (total irregularity Rs.48000/- additional deduction made 26000 + regular EMI).
I took matter by writing letter to Br.Manager with copy of direct debit from July- Nov of charges , later he informed that matter has been forwarded to RACPC, no expalantion regarding irregularity as all EMI or Pre EMI were regularly debited.
Same month end JAn 2011 SMS recieved of payment irregularity now totaling 35000.
I was very surprised as to how and where this addional charges/irregularity have started .
Branch manager again was not able to explain when he viewed my loan account system showed this irregularity which was against only 65% home loan disbursed whereas records showed full EMI charges paid each and every succeding upto date.
So please tell me how to go about getting expalantion from SBI as i know that money once deducted cannot be returned. Will Banking ombundsman help. it seems PSU bank has no control over system generated issue.
I have read articles on how banks fix cost of funds to enable them to give teaser loans but charging full EMI against partial disbursement (approx @ 13% PA against 8% first year ) and further automatic deductions based on irregularity detected by System , it seems Micro finance company are more honest
Your views and suggestion would be helpful. How to escalate matter to get right action /corrections.
best regards.
RK
