I had availaed a mortgage term loan of Rs. 28,85,000.00 from a co-operative Bank against a commercial property purchase in the month of Dec 2012; @14% interest with EMI of Rs. 54,065.00 for a tenure of 7 years (84 months). The total amount payable then for entire tenure was Rs. 45,41,460.00
My payments from Jan 2013 to Mar 2014 were regular, then some odd payments in between. The loan was decalred as classified NPA.
June 16 to Oct 16, I paid Rs. 15,23,000 (The outstanding then was Rs. 17,60,000 approx; as per repyment schedule it should have been Rs. 16,50,000) just short by a 1.10L.
The bank again started charging interest recovery from Oct 2016.
By Aug 2017, I paid additional 5L (outstanding as per bank Rs. 12,60,000; as per repayment schedule Rs. 12,85,000)
By Mar 2018, my outstanding balance was Rs. 6,63,000 and as per repayment scheudle it was 10.0 L) Even then the bank had gone ahead and a filed legal recovery; section 101 of Co-op soc act. Adding legal charges and pentalty to the account.
By July 2018, the bank again sent me recovery notice, the outstanding then was Rs. 2,60,000; as per repayment schedule Rs. 8,30,000).
By the date I had received the notice, I had already paid additional 1L, the balance effective Rs. 1.60L. Even the bank had shares in lien against the loan amounting to Rs. 1.36L
I cleared off the loan on 1st Aug 2018, 17 months ahead of the prescribed schedule.
The total amount paid till then was Rs. 44.30L. If the same had been paid regularly, it would have been Rs. 35.14L.
* Didn't the loan stand regularised in time of the tenure? No interest waiver, no top-up, no accomodation for tenure.
* The value at the end went so high almost close to entire tenure amount, the bank isn't replying to any of my queries.
Please guide
