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Disburse amount less than the sanction amount on home loan
08-Mar-2023 (In Banking / Finance Law)
In 2014 i have taken home loan sanction amount : 22 L disburse amount : 6.5 L Property : Under construction , now builder has defaulted and not constructing we have started court case for 3 years they calculate PRE EMI on disburse amount , Now in dec 2017 they started full EMI based on sanction amount . I have already informed them not to disburse any amount further . 3 EMI has already been generated . Bank manager is saying to clear the overdue amount and for further he is saying for up gradation of your housing loan on left over amount . I have asked for restructure of loan instead of upgradation as overdue amount contains principal and interest on sanction amount which has never been disbursed. Bankmanager is not helping . Please suggest ? " Please clarify regarding policy , EMI should be based on final disburse amount or loan sanction amount? "
Default rule or credit policy is that the interest is charged on the disbursed amount. If the bank is charging on sanctioned amount the same is illegal and should be challenged with letter to RBI but before this action the credit policy and tnc of loan should be well read and understood.
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Adv. Ashish Agarwal
Lucknow | 100+ Answers
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EMI is always on the disbursed amount and not on sanctioned amount. Please check. Your EMI must be set as per total disbursement till date. How can they disburse amount to builder without your approval? Stop paying.
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Adv. Veer P. Singh
Delhi | 25+ Answers
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Dear owner , The bank from its own side cannot change the loan EMIs until it has direction related to the change of the lending rate however if u r facing such problem where the bank has been pressurizing you to pay the EMI to the loan which it has disbursed would have been some technical glitch , kindly visit the branch and speak to loan settlement officer and convey your discomfort over the situation in written and demand an explanation, if the same is not revolved than banking Ombudsman and than for file of case in the court
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