HDFC
Unending EMI

Sir

I availed Resident Top-up loan of Rs.1, 00, 000/= (Loan Account No.351621467) Effective Date 07.02.2005. As per the ‘Home Equity Loan Agreement’ Executed between me and the HDFC way back in 07.02. the term of repayment is 84 months and the EMI is Rs.1559/= . Date of commencedment of the first EMI is 01.03.2005 and the date of conclusion is 29.02.2012. The above figures are in black and white in the agreement executed. With the jumbling of terms like Adjustable Rate Home Loan Scheme, Retail Prime Lending Rate, etc the Last EMI payable was extendeded to May (Their Communication dt:16.06.2006). From February it further extended to May, then it moved on to December (Their Communication dt:18.08.2007). Now surprisingly the last EMI payable has still extended further on to January. As per the Agreement, the last EMI payable is February but as per the latest communication the last EMI payable is January. The Scheme appears to be very funtastic with ever changing EMI for an unchanged principal. Going by the system, I believe one cannot prodict when the Loan will come to an end strictly following the EMI. The EMI is becoming a MEGA SERIAL. Is it legally fair to spread the EMI without consent of other party? Is singning the Agreement as 84 EMIs and repaying the Loan with 95 EMIs is right? Please enlighten me. Vazhga Valamudhan V. BALASUBRAMANI

Company: HDFC
Country: India
State: Tamil Nadu

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