Housing Loan
EMI

Hello experts!

I availed a loan for 45 lakshs from a nationalized bank in India in five installments in 2009.First disbursement was on Jan 23 and final portion on Oct.2009. Bank rules itself allows repayment holiday for 18 months.

Now when I contacted bank to start my repayment in April they have now hiked my EMI by Rs.15, 000/.When asked reason, they say my repayment holiday was ‘assumed’ set up for far ahead ie for Feb. so interest until then have been added to pay off amount. Though I have money to pay off my pre EMI interest amount in full and ready to start repayment with my exact initial principal 45 lakshs, they don’t allow me to pay off my pre EMI interest separately, but insists to start repayment with this alarming hike by nearly Rs 15, 000 (Total EMI about Rs, 77, 000), as different from initially agreed.

Can they so?

Thanks

Thomas D