POSTED BY March 20, 2014 8:53 pm COMMENTS (6)ON
I have applied for Axis bank home loan for 20L and they approved the amount. as part of processing fees they took 6K from me.
The bank is saying that they have first EMI date as 5th of every month,I submitted all my documents on time with no delay. On the 3rd March I asked to bank to release the loan amount and they came up saying we still need stamp duty documents, I convinced him that this document can be brought only after paying full amount to builder.
No response came till 8th, I called again to bank for the status and they asked me to come to branch for doing signature for disbursal.
Before signing I asked that today its 8th March and 5th is already over, so want confirmation that this will be considered as EMI and not broken period interest. At that time bank personnel said that It will be considered as EMI so I signed. Again after 10th a call came from branch saying that I have to pay broken period interest for a month because the EMI date is already over and we are disbursing your loan on 10th so whatever interest will apply from 10th March to next months 5th that I have to pay (25 Days) and this interest will not be calculated in main loan amount interest.
So I shouted on bank person that for getting sign you have lied me. I asked them to disburse my loan amount on 30th March so that the interest amount will be lower but again he said that its year end we would be disbursing your loan before 20th. that means again I have to pay interest for 15 days. Its really a big fishing things that they recover from borrower. Please guide me how to get rid of this.