April 18, 2013 12:48 pm
Does the EMI not increase if the ROI increases?
How can one continue with the same EMI and tenure if the ROI changes?
Hi, My question is on same line, even my DP is increasing because ROI has increased, Bank people are not interested in increasing the EMI. Now can I bring the DP back to original. ? by part payments or any other method ?
Dear Ravindra, My guess proved right. As you said, your ROI increased from 9% to 12% gradually but you continue with the same EMI, this is the reason of DP higher than sanctioned loan amount.
Thanks for your response. I do not have now any access to the online account as they closed it now.
I have not taken any action when my interest rate is increased, initially it was around 9%, but at the time of closure it was around12%. I continued with the same EMI for the last 4 years. But as and when I had some lumpsum, I used to keep it in the same account.
I am trying to get in touch with the branch manager, he is going to come up with an explanation of why drwaing power is higher than the sanctioned limit. I need to wait and see for his response.
Thanks for your time again.
Dear Ravindra, we need detailed inputs from your side to know the possible reasons of such thing. Normally the DP can not increase in a regular loan. one reason may be bounced EMIs or increase in Rate of Interest due to which your EMI was not increased & hence there were nagetive balances at the end of each months.
I took a house loan from SBI during July, 2008, the loan amount was 18.25 lakhs. This is max gain account.
After couple of ~18 months, the drawing power started increasing for some reason. I did not care much about it, and continued to keep my bulk amounts in the same account.
But recently, when I wanted to close the loan amount, the balance I needed to pay was drawing power minus available balance.
My available balance was 18.66Lakhs, and the drawing power was 19.28 Lakhs. I finally paid the difference, and closed the loan last month. But I am not chasing with SBI officials to know why my drwaing power was higher than the sanctioned amount.
I am wondering if anyone in this forum has come across similar situation.
Dear Ravindra, what is the query?
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