I have taken home loan from SBI in the year 2010 November. The scheme is SBI Easy plan. In this first year interest rate is 8%. Next two years 9%. From then 3.5% above the current base rate. Now sbi base rate is 10%. So my current interest rate is 13.5%. Now the bank have provided option to reset my interest rate to base rate by paying the commission of 0.56% of the outstanding amount in my loan account. I have agreed to pay. But the manager is saying that You have to regularize your payments for getting eligibility to do this. According to him the EMI for me is Rs 11,341.
After my house completion certificate is submitted (in august 2011) the no. of EMIs I have to pay is 28. So total amount is 28*11341=Rs 3,17,548. Now the manager is saying that the drawing power should be 10000000-317548=682452. But my account is showing that drawing power is Rs10,45,538 and outstanding amount is 9,18,529. As on date I have repaid the amount of Rs3,44,838 which is more than what actually bank manager is asking me. But he is saying that the drawing power is showing that you have to pay the due amount more than Rs 2,00,000 to regularize my payment and get eligible to reset my interest rate to the current base rate i.e 10%. Actually the manager and the field officer came newly to this branch. They are not understanding where is the bug. kindly guide me to solve this problem.