I Have taken a home loan from Federal Bank Koratty, The amount approved is 18.5 Lakhs, Out of this an amount of 50, 000 as insurance, and another 15 lakhs disbursed to me. At the time of processing it was said by the Bank Manager that the EMI will start after 4 months and by the time could finish the remaining work and vail the entire loan amount. But After a month& half, after disbursed the first amount of 15.5 lakhs i got a call from the Head office aluwaye and said i am defaulted the payment. I didnt agree with this and asked to speak with the Branch Manager. When i spoke he was informed as it is almost disbursed more than half of the amount, it should start with the next month. I started my EMI from Net month as any way i dont want the burdens on me. Now i am paying EMI of 18764 as the bank manager had a verbal communication with me that the Actual EMI will be based on 15.5 Lakhs which disbursed and the additional amount payed on the Entire EMI will goes to the Principal amount.
Now my issue is this month there was a deduction of 150 rs from my account, i called the toll free number nd they was said that it is deducted for the Legal Liability Certificate for the property whihc i pledged to the bank.
I dont understand that since it is more than 6 months, the Loan have been passed, and the EMI are deducting, how bank can deduct an amount for legal certificate. Where before the loan approval i have cleared the legal verifications on the property and my self paid the amount to the Lawyer. Also it was paid an amount of two thousand was paid as valuation fees.
I have contacted the Toll free number, asked me to mail to the [email protected] and they have asked to contact the bank manager. Sent the mail to the branch & waiting for the reply ..I want to know is there these are common the banks can charge to the customer, amounts like these and is this legal certificate required any way for the pledged document which is under custody of bank for six months?