LIC Housing Finance Ltd Indore
Posted: 05-21 by Nilesh Kothari Send email
Non Refund of Processing Fee
Please help as I am not getting Refund of my Home loan processing fee from LIC Hosing Finance ltd.
Agent sushil mantri has taken the processing fee of Rs. 5512 saying that it will be refunded back to you if you do not take loan from LICHFLdue to any reason. Its only because of his repeated verbal confirmation I have given him the cheque of processing fee.
Please go thru the following mail to understand my case in which both agent & marketing people of LICHFL has hided the fact of actual rate of interest applicability after 3 months of disbursement of loan from 8.75 % to 10.25% (LHPLR 13%-2.75% spread).
I was given verbal information of ROI to be 8.75 % but I don't have this confirmation in writing from these people that ROI is 8.75%. These people have always talked on phone and there is no single mail or in writing any communication from their side until I have given the Processing Fee cheque.
When sanction letter is issued to me only from that letter & terms conditions booklet I came to know the above underlined fact Now these people are refusing to give the processing Fee back to me.
I feel to be cheated by LICHFL staff & their Agent so kindly help me in getting the Refund.
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&-- Forwarded Message &--
From: "Nilesh Kothari"
To: [email protected], [email protected]
Cc: "nilesh"
Sent: Monday, May 18 1:36:25 PM GMT 05:30 Chennai, Kolkata, Mumbai, New Delhi
Subject: Refund of Processing Fee Rs 5512 - File no 215354
To,
Mr. Aadesh & Pradip Chakrabarti
LIC Housing Finance Ltd
Indore.
File No. 215354
Agent - Mr. Sushil Mantri
Sub : - Refund of Initial Processing Fee of Rs .5512/- under scheme Griha Prakash
Dear sir,
As discussed with you please find my application for Refund of above Processing Fee being taken by not clarifying the Rate of Interest & wrong commitment (Refund will be given in case of Not taking Loan from LICHFL) of your Agent Mr. sushil mantri.
This is with reference to my application dtd 07.04.2009 under Griha Prakash scheme for Transfer of Home loan from HDFC bank to LICHFL. I have applied for this loan transfer only considering benefit of Interest to move from 10.5 % of HDFC to 8.75 % of LICHFL (as committed by LICHFL officers).
Prior to this application there was verbal confirmation by Mr. Sushil Mantri to me that Rate of Interest for the transfer will be 8.75 % in my case and he did not tell me that this 8.75% rate will be only for the first 3 months and later ROI will be LHPLR - 2.75 % i.e 13-27.75 % = 10.25 % as per clause 2.2 (a) of the terms & conditions booklet. The same has also not been communicated by Mr. Aadesh also when I was submitting my documents to him during the first week of April09 . If this information is known to me during my correspondences & verbal communication with sushil Mantri & Aadesh then I would not have applied for the transfer on 07.04.09.Since there is a clear cut loss with the above figures of ROI in transfer from HDFC to LICHFL and if timely informed I would not have even applied for the transfer of loan. Pls see the trainling mail in which I have enquired with Mantri for benefits arising of transfer to LICHFL in 20 Yr & 15 Yr option and my interest in going with 15 Yr option otherwise not to take the loan with LICHFL.
The Loan sanction letter mentioning the ROI after 3 months as LHPLR - 2.75 % as per clause 2.2 (a) in the booklet is provided to me only after I have given initial processing fee cheque of Rs. 5512/- in favour of LICHFL through Mr Sushil mantri. If this was informed to me earlier I would not have given the processing Fee. Moreover the processing fee cheque has been taken with wrong commitment of Refund in case of not taking loan.
When I talked to Aadesh hes telling to claim money from Mr. mantri & when Ive spoken to mantri hes telling that money has been deposited in LICHFLs account and I need to directly take it from them.
My money is unnecessarily being blocked with LICHFL on account of not providing Information and wrong information providing for processing the loan.
So I request you to please Refund me my Processing Fee of Rs. 5512/- at the earliest.
Thanks & regards,
Nilesh Kothari
55-G, Sector 21, Reliance Greens new Township, Moti Khavdi, Jamnagar -361142
Ph 9974022410, 0288 40 29416, 40 14675, [Indore 07312794702, 9981951140]
&-- Forwarded Message &--
From: "Nilesh Kothari"
To: [email protected], [email protected]
Cc: "nilesh kot"
Sent: Monday, March 30 10:13:53 AM GMT 05:30 Chennai, Kolkata, Mumbai, New Delhi
Subject: Calculation of Total repayment in HDFC & LICHFL
1) Current Outstanding balancewith HDFC - 2963454/-
EMI - 30460 /-
Expenses in changing ROI to 10.25 % - Rs. 16299/-
Prepyament of Rs. 103701/-
Total Expenses Rs. 1, 20, 000/-
Net Outstanding Bal - 2859753/-
Total repayment to HDFC - 187*30460 = 5696020/-
Previous year repayment in HDFC = 363000/-
Net Expense with HDFC - 5696020 363000 120000 = 6179020
2) Loan of 20 yrs with LICHFL @ 8.75%
Minimum Swithcover cost Rs. 1, 20, 000/- (90000 penalty to HDFC 1% proc fee & stamp duty)
EMI for 20yrs for Out bal of 2963454 is Rs. 26189/-
so total repayment - Rs 6285360
Net Expenses in repayment & switch = 6285360 120000 =6405360
3) Loan of 15 yrs with LICHFL @8.75%
Minimum Swithcover cost Rs. 1, 20, 000/- (90000 penalty to HDFC 1% proc fee & stamp duty)
EMI for 15yrs for Out bal of 2963454 is Rs. 29618/-
so total repayment - Rs 5331240
Net Expenses in repayment & switch = 5331240 120000 =5451240/-
Now after comparing case 1, 2 & 3, I have to take loan for 15 Yrs with ROI 8.75% with LICHFL then only there will be benifit to me otherwise as per Ist case my total repyment is lesser.
Please confirm it by today evening since I need to take decision for Switchover to LICHFL or change the ROI of HDFC & prepay them.
Nilesh Kothari
0288 40 14675, 29416
9974022410
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