Hello,
I have taken a Max Gain home loan for Rs. 39,50,000/-. The loan was for a ready to move in apartment.
Here’s the disbursement schedule:
2/May/2012 – Rs. 36,69,762 (DD to the builder)
9/May/2012 – Rs. 2,80,238 (DD for registration) [Total 39,50,000 has been utilized now]
Then I moved some fund to the OD:
23/May/2012 – Rs. 2,59,000/-
31/May/2012 – Rs. 25,000/-
So total deposit = 2,84,000/-.
On 31st, they have debited Rs. 34,489/- as interest.
Expected balance: (2,84,000 – 34,489) = 2,49,511/-.
However, on the net banking page, the system shows only 2,16,749/- as available balance. That means, a shortage of Rs. 32,762/-.
Interestingly, the drawing power has got reduced from 39,50,000 to 39,17,238. That means, it’s reduced by the same shortage amount of 32,762.
I’m totally surprised with this calculation. As far as I understand, this 32,762 has got deducted directly from the principal amount, but I never instructed the bank to do so.
My EMI is 38,715/- and that will come to the OD by means of ECS from Axis bank on 5th of June.
Q1) Can you please help me with this calculation? I did not want to pay off 32762 immediately because I want that money for some other purpose. Is it possible to get it back?
Q2) Also, how did they come to the figure of 34,489/- as Interest? My understanding of interest calculation is as below.
2/May/12 – 8/May/12:
36,69,762 @10.75 for 7 days = Rs. 7565.74
9/May/12 – 22/May/12:
39,50,000@10.75 for 14 days = Rs. 16286.99
23/May/12 – 30/May/12:
36,91,000@10.75 for 8 days = Rs. 8696.60
31/May/12
36,66,000@10.75 for 1 day = Rs. 1079.71
Total = 33629.04/- Is my calculation wrong or am I missing something here?
It would be great if someone can help me understand this.
Thanks,
Gireesh