Hello Sir,
I had submitted for a housing loan request with Citibank for buying a flat in OMR. The loan request was sanctioned and the bank had released an initial amount of 2.6 lacs as per the release schedule. The release schedule is such that an amount of around 2.6 to 3 lacs was to be released in every schedule. The schedule period being 3 months.
The bank had released 2.6 lacs to the builder as per the first schedule. But the subsequent schedule amounts were never released. For the first schedule period which is of 3 months duration the EMI was Rs. 2400 per month which the bank is paid through ECS.
However as per the release schedule the subsequent amount (i.e. another 2.6 lacs) got accumulated and the bank increased the EMI to Rs.4800 which is sum of interest for first 2.6 lacs and the principal of the same.
For the third release as per schedule another 2.6 lacs got added and the EMI is now around Rs.9600 per month (which is sum of interest for first 2.6 lacs and the principal)
I had to cancel the apartment booking due to some reasons and I had informed the bank about this. I had also asked them to reduce the EMI amount so that it remains constant. But the bank is not doing it. They have been increasing the EMI steadily by 2400 every 3 months and now I pay around 9600 every month which is not bearable. I have made repeated requests but the bank is not relenting and in a couple of months the EMI will increase to around Rs.11000 as per the schedule.
Even the builder had given a latter stating that the amount will be refunded in the month of November.
Please help on how to handle this?
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