I have taken home loan from SBI, BKC Branch in April 2011. The total approved amount was Rs. 38,88,000/- on which the EMI was calculated Rs. 34,359/-. But i managed to pay the builder from my pocket and the actual loan taken from the bank eventually was Rs. 34,17,540/-.
I had taken a lesser amount of Home loan than the sanctioned amount yet the EMI i am paying is on the sanctioned amount and has not been revised. I had sent mail to the bank but they have not responded.
Is this correct or is it error from their part? also if i make part pre-payment of say Rs. 5000/- every month apart from my EMI. WIll the pre payment amount reduce my Principal amount and duration of loan?
Kindly help.
Regards,
Ameya Inamdar