I have availed home loan from Axix bank, Nasik and my home loan a/c No. is given above.
My loan was sanctioned on 15-09 on the basis of submission of original agreement to sell and other relevent papers and an amount of Rs. 197546/- was disbursed to me on 17-09 through two payorders/cheques and the third pay order/cheque of Rs.337454/- was disbursed to me on 30-09, the day sale deed was executed and handed over to the bank.
However to my surprise, the bank charged Pre EMI interest on my Total amount of loan i.e 5, 35, 000/- from 15-09.
Axix Bank Nasik has replied to my letter saying that disbursement request was given by me on 15-09, and therefore Pre EMI interest is charged from that date. It has also accepted that the pay orders were dusbursed to me on 17-09 and 30-09. Here I wish to say that I have paid the processing fees to the bank for my loan and if the loan was sanctioned on 15-09. that means the bank authorities were satisfied with the documents submitted by me till 15-09 and then only my loan account was opened/sanctioned. Then the pay orders for my total amount as per my request should have been handed over to me on 15-09 but in its reply the bank also says that since the bank needs security i.e Sale Deed Copy which was executed on 30-09, it did noyt hand over the third pay order before that.
The bank has charged excess Pre EMI amount from 15-09, whereaas it shoud have charged the same from 17-09 for Rs. 197546/- and for Rs. 337454/- from 30-09 and I therefore request the bank to refund the excess amount charged from me.
Looking forward for the positive reply from the bank.
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