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Foreclosure

Respected Sir/ Madam,

I Vijay Kumar s/o Sh. Ram Saroop, Resi. of House no.10853/1A, St. No. 12, Kot Mangal Singh, Ludhiana (Pb.) have got a house loan of Rs. 425000/- for purchase of a house in October from your branch at Feroze Gandhi Mkt. Ludhiana. My Loan Account No. is GLGL 00000282. Now after paying more than 32 installments of Rs. 5500/- Per Month I want to foreclose my loan account from my own funds. For this purpose, I visited the bank and submit my request for foreclosure. First the bank insisted me to continue with the loan but as I have got sufficient funds at my own, so there is no question to pay any interest.

Now the matter is that, the bank is not co-operating me in this regard. The officials are not forwarding my request to their concerned head office at Chennai (as intimated by the Sh. Gagan Arora Branch Manager). They have told me that a prior approval from their head office is required for foreclosure, but it was not mentioned to me at the time of sanction of loan. The officials are not even telling me the principal amount outstanding as on date. However they are insisting me to pay 4% of penal interest as foreclosure charges, while in the agreement made earlier it was only 2% of the outstanding. On my repeated visits to the bank, the officials are harassing me by paying no attention towards my case. Every time I visit the bank, the official advice me to come another day for further action.

Please help me, as I feel much harassed.

Thanks

Vijay Kuma