Standing instruction issues with Union Bank

POSTED BY Subhadra ON January 2, 2015 11:28 am COMMENTS (4)

Taken a home loan of 13 lakhs from Union Bank for an interest of 10.25% with an EMI of Rs 14169 per month. We gave standing instructions for Indian Overseas Bank, but the same amount is not been credited to loan account of Union bank and is always lying in the Saving Bank account opened for loan purpose in Union Bank and several letters have been sent to the Bank Manager but no response.

My doubt is that will the EMI amount remain the same or will it change as there is no mistake from our side and we have no extra amount to pay for the bank. They gave us the last day of the month for the transaction but never do it and we have to visit the bank and tell them to do it in front of us and then they do it. Will it affect the EMI amount as the EMI is fixed for 15 years period and we want to have a safer transaction from our side and are doing our best but no response from Union Bank. Please help.

4 replies on this article “Standing instruction issues with Union Bank”

  1. Subhadra says:

    Thanks for the reply, we will soon check with the bank and let our headache decrease, taken loan first time to buy a home, all tensions started, very thanks for the quick reply.

  2. Hemanth says:

    which a/c no. have u given in the ECS mandate at IOB. loan a/c or savings a/c

    1. Subhadra says:

      Gave saving a/c and asked to transfer to loan a/c but the amount always is in saving and after we call them by mobile or telephone the amount is credited in loan account but if we remain silent then it is in saving account only.

      1. Hemanth says:

        if u have given savings account in ECS, how will it go to loan account automatically ?

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