Home Loan issue with ING Vysya Bank at Hyderabad
Anki Reddy
(Querist) 21 January 2010
This query is : Resolved
Dear Sir,
In April, 2007, ING Vysya Bank has sanctioned Rs. 70 lacks towards the Plot cum House construction on my property at the Servy no 1910, Rajeswari Layout, Kondapur, Hyderabad. Out of the sanctioned amount the ING Vysya Bank has released only Rs 29 lacks toward the PLOT of area 300 sq yards and stared collecting monthly interest on the released amount, they have collected the interest for 18 months. But later I came to know that the entire layout of 300 acres ((in which my PLOT is also exist)) has been submerged with some legal implications in the court ((understood that the legal case is been happening between the original land lards and Venture seller by then)).
However, The Govt Offices is not permitting to do construction in the entire layout in which my PLOT is also exists and hence I also could not do construction on my PLOT eventually I could not avail the rest of the balanced Loan amount of Rs. 41 lacks out of the original sanctioned Rs 70 lacks.
But ING Vysya Bank after collecting the interest for 18 months on the released amount suddenly they have started collecting EMI on the Total Loan Sanctioned amount of Rs 70 lacks via checks submitted by me at the time of Loan sanction (( by then one EMI on Rs 70 lacks was done)). Having known this I have stopped my check payments and requested ING Bank to collect the EMI for only released amount of Rs 29 lacks and also requested to reduce the interest rates from 12.5% to 9% because every banks has reduced the home loan interest to 8% in the present market situation. I might have requested ING Bank to reduce the interest part because I had been paying them at very high rate of interest.
Since then I have been personally attending the ING Vysya Bank at HimyatNagar, Hyderabad several time but their treatment and response is just not tolerable and they way the Bank people are acting on me is of quite indication that they have been Harassing me.
Yes!! as a customer I might have requested them to reduce the interest rate to 9% but the ING Bank people have misunderstood and started sending the Defaulter Notices to me saying that I have to pay the last 8 months EMI dues on Rs 70 lacks of sanctioned amount and the huge penalties of Rs.180000, all these changes were never told to me.
Instead of replying to my requisition letters…….they threaten me that they will sale the property if I do not pay the EMI on the sanctioned amount huge penalties by showing some laws and sections.
In the bottom line even today; I am wiling to pay the EMI on the released amount of Rs 29 lacks without any penalties which are not applicable to me. But some times I feel like a filing a CASE against ING People because for the last 8 months they are harassing me in face to face meetings and also via threatening letters.
An early response on my above request will be great help to me!!!
Thanks in advance.
Anki Reddy
cell:90000 81513
R.R. KRISHNAA
(Expert) 21 January 2010
The bank is entitled to claim EMIs and interest in respect of 29 lakhs only being the released amount. You can send a letter through RPAD to the bank that the full amount of loan of Rs.70 lakhs is not sanctioned in time and only a part of loan Rs.29 lakhs was sanctioned as a result of which you have suffered business loss and terminate the loan agreement at the earliest and pay the emis and interest in respect of only the released amount of rs.29 lakhs alone. If further problem persists you shall lodge a complaint before the banking ombudsman of the state. Take immediate steps to terminate the loan agreement otherwise continued interest rates as well as liability will be on increase and it is wise to terminate the loan agreement in my opinion.
Raj Kumar Makkad
(Expert) 21 January 2010
this quarry has been repeated various times.
