Let me start with the background of the issue for which I have raise the complaint with SBI /Nodal officers and didn’t get the resolution and seeking advice. I have taken a home loan from SBI, Electronic City, Bangalore Branch in Nov-2005 with Fixed Interest rate of 7.5% and continued to pay the EMI till now on time through Auto debit from my linked Saving account regularly. I am receiving final and Provisional interest/principal certificate every year from bank which states the amount I paid for that financial year along with interest rate applicable.
To my surprise on 21st March 2014, I had received a letter from SBI RACPC-II, Koramangala office, stating that effective interest rate applicable is 12% w.e.f 28/11/2008 and 12.5% w.e.f. 28/11/2011 and I have to pay the difference of interest for that period with retrospective effect? After multiple followups after raising objection with branch and escalations to nodal officers, Branch is telling me that they are not receiving response from RACPC on this and as per the process they have been asked to recover the amount from me. It is very annoying to hear word ‘Recovery’ from bank official as I have been always prompt on my side on any payments related to my loan except this unreasonable demand which is not due per my opinion.
As per the process on SBI website , I have raised the complaint ticket # HL904412603094 on 3rd June 2014, which was referred to Branch manager of Electronic City Branch. When I spoke to them answer is again same that they are not getting clearance from RACPC and been asked for recovery of amount which is not due as per my understanding.
Please suggest my options now and how come bank can even send this illogical demand.