Lic housing loan recovery charges reg

You can send a legal notice through a lawyer. So that they will respond for your grievances. Give complaint to insurance ombudsmen. They will clarify and try to do justice.

It appears that you have bent on conflicting with the financial institution.

LIC is a Public Authority unlike a Private financial Institution, and every thing is computerised, and you have executed documents, and as per Rules and regulations that was entered as input data while sanctioning your loan, automatically gives effects periodically.

Repayment of loan is borrower's responsibility, and one can not expect periodic reminders, once EMI is fixed.

I am sorry, you should feel more responsible as monies involved are Public funds and given to you several times more cheaper than market interest, and the market value of real estate is escalating every day, while the rupee value is diminishing.  To be frank, the 11.5% interest is nothing when compared with value of appreciation on the building.  Please consider that institution which have provided a home, and improve your credit rating, as you can not raise any funds from any financial institution if your credit rating comes down.

Dear Mr. Mahajan,

Having borrowed monies from the bank it is for you to ascertain the particulars from the bank.  You may obtain monthly account statement and examine the same about the status of the debt. You may also obtain copies of the loan documents and carefully examine each covenant. By doing this, I hope you can maintain your account as performing asset for the bank. Do not enter into any litigation. You may be loosing valuable time as well as money towards expenditure towards professional fee and unwarranted expenditure.