Citibank home loan

Kindly ask them to provide you with the monthly statement for the 5 years with calculationsheet on how they have adjusted your EMI Payment.

Need to know their calculation 1st and then we need to look into the housing loan agreement clauses.

Based on that proper opinion could be provided to you.

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai 

Dear Sir,

Thankyou for replying, I am attaching the loan statement, for your kind advice.

Total loan amt was 3800000 disbursed on 4 Aug, 2006. I had done a partial preclosure of 2700000 on 6th July 2007, balance after partial preclosure was 10,42680. today when I asked for balance amt for preclosing loan they tell me I have to pay 9,41,451. Every month since 6th July 2007 I am paying an EMI of 11084/-.  They are also refusing to give calculation sheet. they are asking me to use google emi calculator.

Regards

Amrata 

9967323336

“They are also refusing to give calculation sheet. they are asking me to use google emi calculator.”

You are within your rights to demand mathematical formulae applied by it, in writing on its letterhead under original seal and signature of competent employee of it with name, designation, dept, address of the employee below his/her signature, and supply it to you by redg. post only.

If it states computer has calculated you may demand mathematical formulae fed by it in its computer.

DEcline this google calculator or any other calculator until or unless mathematical formulae fed by it is supllied to you in writing.

The calculation by lender and borrower should be equal to same amount, by applying the correct mathematical formulae.

Bank has to subscribe to ‘Code of Bank’s Commitment to Customers.YOu may go thru para 3.3 and others.

You are within your rights to approach RBI,BCSBI…….and of course, DCDRF, Lok adalat, courts.

8. What is EMI? Under the instalment plan for housing loan, how is interest calculated?

Repayment of a loan is usually made on a monthly basis in equated monthly instalments (EMI). Each instalment consists of two parts, namely, principal repayment and interest payment. EMI is mutually agreed between the borrower and lender. The instalment depends on the following:

·         principal amount of loan

·         loan tenure

·         interest rate

9. How interest is computed under monthly-reducing basis?

·         the principal amount paid every month reduces the principal amount

·         interest for the following month is computed on the reduced principal outstanding at the start of each month

·         with the repayment of loan periodically, interest portion of the instalment gets reduced and principal portion rises

11. Do I have access to loan documents? If so, what are they?

Yes. You can have access to loan documents. Following are some important documents provided by banks:

·         letter of offer

·         copy of filled in loan application

·         copy of loan agreement

·         terms and conditions governing the housing loan

·         other documents such as schedule of fees and charges

Banks are required to give authenticated copies of documents executed by you free of charge. (cf. para 8.11.1 of Code of bank’s Commitment to Customers)