IDBI Home Finance
Levying Charges against Unclear clauses in the signed Agreement

My Grievance Case experienced on 31st March–

I am shyam dawande, has following details –

• Institution Name – IDBI Home Finance Ltd, apte road branch, Pune

• Loan account Number –WESPUN00008392

• Outstanding principal taken for levying charges as on 31st March– 27, 63, 942/- (excluding Prepayment 205000 i.e. 2558942)

• Exorbitant Charges Levied – 4376/- (2% on 2, 05, 000 prepayment 276 bouncing charges) Over and above, even 60973/- (2 % foreclosure charges taxes)

• Disclosure of the terms and conditions in the signed agreement – No any

Explanation –

The officer and Branch Manager, reacted irresponsibility about giving the clarity of the clause for which they were charging the extra amount to me.

I am holding an account with the above mentioned institution, since April. I had given a prepayment cheque of 2, 05, 000/- to the bank dated 11/03. When I went to the branch for the foreclosure of my loan on 31st March.

Mr. xxxxx told – on 31st March.

• You cannot be able to pay 2 cheques in a one month i.e. prepayment and Final foreclosure cheques. Hence I will be able to accept your cheque only after 1st April.

• Hence you need to pay an EMI for the April Month too i.e. 27358 EMI 2% of outstanding principal tax.

• The clause was not mentioned in my Signed agreement.

• He was not able to give this in writing. And advised to contact, Branch Manager

Mr .xxxxxxx told – on 31st March

• Please come on first week of April, Now I am busy, all the necessary clarification and letter in writing will be given by me.

• Please don’t harass us now.

• When I was asking for a clarification again, and the written clause in agreement, why this was charged, he told wait for 10 mins outside.

xxxxxxxxx advised –

• You don’t have to pay entire EMI but, the amount paid by you as a prepayment – 205000/-, you need to pay 2% foreclosure charges (4100) bouncing charges (276).

• Give me a letter, to consider this as a special case and mention in that, it was advised to you, that you cannot do a prepayment and preclosure charges in one Month. Though it was not ADVISED by xxxxx.

• When I asked for the justification for 2% on 205000, he told. I am saving your ENTIRE EMI, this is a small amount, you need to pay. You need to minimum this amount. Else come on April Month and pay entire Amount EMI Foreclosure charges tax.

Issues –

• Why I was charged 2% on already, prepayment done 2, 05, 000 even it was not mentioned in the agreement?

• In private banks, while making a final foreclosure, I am supposed to pay interest diff applicable foreclosure charges mentioned according to the signed agreement only.

• Why Even I was charged 2 % foreclosure charges on a principal outstanding even?

• Why my concerns were not taken into consideration?

• Why I was told to write a letter even it was not told to me

• Why I was misguided to pay for an EMI of April?

• Why I was told to come in Next Month?

• Why the bank didn’t give clause confirmation in writing?

Monetary loss –

• I paid this amount to the bank i.e. foreclosure charges of 60973 276 4100 on an outstanding principal of 2558942/- as on 31 st March.

• I paid for foreclosure charges charges on prepayment bouncing charges tax.

• Officer and branch manager didn’t guide me properly under the “ fair practice code” of the IDBI.

• There was no any such clause mentioned against the money demanded from me.

Assistance needed –

• Refund of my excessively paid amount i.e. 2 % on prepayment bouncing charges

• Refund of excessively charged 2% on the Total Principal outstanding.

• Scrutiny against clarity of the agreement clause AGAINST Money demanded.

• Being in the financial service industry, I was told to write a falsifying letter even I was not told for the same.

• Irresponsible nature of the xxxxxxx

• Strict action against Mr.xxxxx and Mr. xxxxxxx

Company: IDBI Home Finance
Country: India
State: Maharashtra
City: Pune

  <     >