[Resolved]  Axis Bank — Time between Home Loan sanction date and DD received date is 9 days, leading to paying interest at Axis and SBI also

Address:

Hyderabad, Andhra Pradesh

Hi Sir, This is Zaheer Ahmed working with CSC from Hyderabad with Home Loan No: PHR[protected], which is just transferred from SBI to Axis Bank this month. The Loan amount sanctioned is 29, 76, 046 and they have issued DD on 28-Oct 2014. But the outstanding amount from SBI bank is 29, 46, 628 as of 30-Sep 2014. Axis bank has assumed some outstanding amount for Oct and issued DD for 29, 76, 046 to SBI on 28-Oct. But the DD is handed over to SBI on 3-Nov and it got cleared on 5-Nov (4-Nov being holiday). My questions: Why the DD amount is more than the outstanding amount from SBI bank? I end up paying interest to Axis on[protected] = 29418, while I needed only 2946628 as my loan amount. Why I need to pay interest to Axis from 28-Oct until 5-Nov? On the other hand I'm already paying interest to SBI also? Its double time interest for me. I request to please look into this and make the Loan start date as 3-Nov, so that I need not pay interest to 2 banks during this period.. Thanks, Zaheer +91 [protected]