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POSTED BY ON January 3, 2013 11:27 am COMMENTS (3)
Hi ashal,
I took Rs 4500000 housing loan from SBI for a tenure of 30 years with a full EMI(42007 rs/month) option (not pre-EMI). On july 25th 2012 amount 3227000 was released to builder. I am availing the facility of SBI MAX GAIN. During loan processing it was said that EMI will be started deducting after 2 months from my salary account(which is sbi savings account) that is from month october but it has started deducting from 31st july it self. The loan account is linked to my another normal savings SBI account. I have seen in transaction history of my OD account and it is showing debit interest Rs 6653 for july and Rs 29524 for august and 29586 for september. But my EMI said by bank is RS 42007. Hence I wonder what is this debit interest and why not my principal loan amount is not reduced.what actually happened from july 25th to october 10th? are they charging me interest? It will be very helpful if you help me to understand what happened.
I have sent my OD account screenshot to your gmail. Please anwer my query.
Thanks
Varsha
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Dear Varsha,
The charges to your account for July, September and October seem to be the interest for the month on the amount of loan disbursed. i.e. Rs 32,27,000. This therefore seems to be a PRE – EMI case – at least till September; we are not aware of the debits after September. Have they debited the Rs 42,007 from October – and if they have it should be from end of October. Also the EMI of Rs 42,007 is a principal +interest amount on the full amount of loan i.e. Rs 45,00,000. Since the disbursement to date has only been Rs 32,27,000, they should only charge you interest on that amount and the balance ( difference between Rs 42,007 and the monthly interest on Rs 32,27,000) should be adjusted against the principal loan amount. You should take it up with the bank and ask them these clarifications.
Also check your loan agreement to validate if there are any contradictions between what they have said and what is actually happening.
Regards,
Credexpert
Dear Varsha, the debit interest is the interest due to you or should I say – payable by you.
I already answered your personal mail & hope that you ‘ll be able to understand the thing. If still in doubt, please feel free to contact me either in the forum here or though personal mail.
Thanks
Ashal
1. When you fill the standing instruction form you also enter the EMI start date. Did you not fill it as October?
2. As the amount was disbursed in July 25th you have to pay only the interest component for Jul-Aug-Sep until your actual EMI starts. Debit interest is nothing but the interest part and you will observe it in your loan statement.