Adjusting total instalment payment as interest by icici-bank
koteswara rao jonnalagadda
(Querist) 30 May 2012
This query is : Resolved
TO,
ALL THE BANKING LAW EXPERTS.
RESPECTED SIR'S,
I HAVE TAKEN LOAN FROM ICICI-HYD A SUM OF RS13,50,000/-IN THE MONTH OF OCT-2008 BY HYPOTHICATING MY RESIDECIAL APARTMENT.
NOW MY AGE IS 56.
MY HEALTH IS NOT PERMITING TO CONTINUE THE LOAN DUE TO ILL HEALTH.UNDER THESE CERCUMASTANCES I COME TO A CONCLUSION TO SELL OFF THE SAME PROPERTY TO CLEAR THE BALANCE AMOUNT TO THE BANK.
I APPROACHED THE BANK LAST WEEK TO FIND OUT THE OUT STANDING.
TO MY SURPRISE THEY SAID THE BALANCE IS RS12,80,000/-, IT WAS A SHOCKING NEWS FOR ME AND IWAS BED WRIDEN BECAUSE TILL DATE I PAID RS7,80,000/-
IT SHOWS BANK IS ADJUSTING THE ENTIRE AMOUNT TOWARDS INTEREST.
MY LOAN SANCTIONED ON THE FOLLOWING TERMS.
PERIOD-15YEARS/180MONTHS.
INTEREST-16.25% EMI-RS19000/-
LOAN TYPE-RESIDENT INDIAN-HOME EQUITY LOAN.
KINDLY ADVISE ME HOWTO CLOSE THIS A/C BY MAKING PRINCIPAL AND INTEREST CORRECTION.THEY NEVER GIVEN ANY STATEMENT DURING THIS PERIOD OF 40 MONTHS OR THEY INDICATED ANY OUTSTANDING ETC.
A V Vishal
(Expert) 30 May 2012
Without perusing the account extract it is difficult to advise, however, be informed that during the initial period the emi is set off because of the high interest contracted by you with the banker
Nadeem Qureshi
(Expert) 30 May 2012
DearQuerist
first of all send a legal notice to bank and demand accounts detail of your Loan account, and schedule of payment, it will be cleared that how-much amount adjust in the interest and howmuch in principal.
Feel free to call
ajay sethi
(Expert) 30 May 2012
mr koteshwar rao
you had taken laon of rs 13,80,000 in Nov 2008 . at time of disbursement of loan ICICI bank gives detailed statement wherein it is mentioned in how many installments loan is payable .
the amount which shall be adjusted towards interests and towards principal is mentioned ,.
in addition very year ICICi bank sends detailed staement of account for income tax purposes
please note that in initial years more EMI is adjusted towards interets . in later years more amount is adjusted towards principal amount .
the resaon being most borrowers repay loan after 6/7 years .
ask bank to furnish detailed statement of account . ICICI bank is reputed pvt sector bank and wont defraud its customers
