I have a Citibank Home Loan. I have tried to contact them multiple times regarding this, but have not got any clear response. Below is the email response that I finally got from them –

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Dear Mr. Tewari,

This is with reference to your query dated February 07, 2012.

We understand that you choose to make part payment towards your home loan account. We regret that simulated part payment details cannot be provided as the interest rates are highly volatile. However, we have provided the norms applicable for part payments for your reference.

Part payments will be adjusted against the Principal outstanding of the loan. Part payment can be made for any amount greater than the Equated Monthly Instalment (EMI) amount.

For online part payment, the part payment amount has to be a minimum of 3 times the EMI amount. Part payment can be made leaving a minimum of 12 EMIs payable in the loan. Pre-closure of loan will attract loan pre-closure charges.

If a loan is pre-closed within 12 months from the date of making part payment, pre closure ( pre payment) charges will be applicable on the part-payment made considering the completion of entire 12 months and not the dates.

Part payment amount can be sent as a demand draft to the below-mentioned address. The Draft is to be drawn in favour of “Citibank N.A. loan account number *****”. Citibank N.A Mail RoomNo.2, Club House RoadChennai 600 002 Please revert us for any further clarification.

Thank you for accessing Citibank Online.
Sincerely,
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They have set the limit high enough so that I cannot be met easily.

Also, its been almost a year since I have been following up with them to change the ECS date from 01st of every month to 05th or later. They have clearly said that this cannot be done. I am yet to understand the reasoning behind this.

Does anyone else have a experience to share ?

-Ashutosh