I had 2 HML loans in IDBI Home Finance taken in 2009. Loan no. EASKOL00005552 & EASKOL00005553.
I asked for a forclosure statement on 26/10 . I was provided with the following foreclosure statement :
EASKOL00005552 : Due Rs.1505630/- which included prepayment penalty of Rs.32498 (2% of principal outstanding).
EASKOL00005553 : Due Rs.259869/- which included prepayment penalty of Rs. 5609 (2% of principal outstanding).
The letter only mentions that the quotation was valid till the last day of the month.
I reached their office to make the payment on 4/11 and was told that instead of charging me interest for the reduced principal (since one more EMI was cleared at the end of Oct'10 ) & their prepayment penalty which they didnot reduce or waive, for the number of days by which the amount would be cleared by me, I have to pay interest for the entire month of Nov'10.
Although my payments to them were cleared out of my account by 8th Nov'10, IDBI Home Finance charged me interest for the entire month of Nov'10 which was an additional Rs.15771/- which I had to pay up & above of their steep prepayment penalty otherwise they would not release my property documents.
I had no choice but to pay.
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