I had taken a home loan from LICHF almost 15 years ago.At that time LICHF often asked for pledging some insurance policies as collateral for the home loan.Among other policies,I had pledged a money back policy where the payout was around Rs 30000 every five years.
Since the policy was pledged with LICHF two instalments of Rs 30000 each was paid by my insurer to LICHF in the year 2000 & in 2005.
LICHF was required to reduce my home loan balance outstanding by Rs 60000 at the time the funds were recieved.But LIC Hosuing Finance has done nothing till date,inspite of several written reminders over the last 6-8 years.While they have convenienetly appropriated the Rs 60000 and not reduced my Balance outsatnding,with the result that Rs 30000 is due for adjustment from the year 2000 and Rs 30000 from the year 2005.
My loan term is for 20 years,but I wish to foreclose the laon and have not been able to do so because of this pending issue
Is there anything I can do to claim this amount with penal interest.
On one ocassion when I had missed EMIs for 2-3 months(paid later) LICHF recovered almost 18% penal interest with recovery charges for the delayed payments.
I had also written a complaint recently to the National Housing Bank,but got no response from there either.
Please advise,what I can do to address this matter