I have got two different values for loan outstanding via two different mails, on 30th April my loan outstanding was Outstanding principal as on 30-APR-13 : Rs. 20,23,869.00 However, on 8th May the outstanding amount was Outstanding loan balance on 08.05.2013 = Rs.20,27,809.00 Can you please explain this discrepancy? Regards Zoeb Lakdawala
Answer :
You can call on 020 25505000 for details.Pleae find under
H:ACCTS:PREPLET/5185120 Date : 10-MAY-2013
MR LAKDAWALA ZOEB KAIZAR
FLAT NO 404,4TH FLOOR,
SANSKRUTI DARSHAN BLDG B,
S.NO 483/2,
CTS NO 1759,
BHOSARI,
-411026
Dear Sir/Madam,
Ref : Loan Account No : 602067182
Type : RESIDENT HOME LOAN-VARIABLE RATE-MONTHLY REST
——————————————————————-
We refer to your enquiry on/dated 10-MAY-2013 expressing your
intention to prepay the entire loan on 08-MAY-2013 from Own
Sources .
The calculations for the same are as under :
Amount (Rs.)
O/S LOAN AS ON 30-APR-2013 : 2023869.00
SIMPLE INTEREST 7 Days : 3940.00@10.15 per annum
—————
Total : 2027809.00
—————
Question is this a correct way for calculating home loans, why the principal increases if the loan is not paid for 7 days?
Regards
Zoeb Lakdawala