[Resolved] Axis Bank Home Loan — PROBLEM IN INSTALLMENTS | |||
I have taken Home loan from AXIS BANK LTD on Dtd[protected] for 25 years. I have received Loan statement from the bank showing the Installments period[protected] to[protected]. That means the loan installment has been increased to 52 years. I do not understand how the installment has been increased for 52 year. I have called many places but no one is answering. My Loan A/c no. is PHR[protected] Please help me to get the answer from the bank. Thanks & Regards, Bhavsar Haresh Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 8 Comments | |||
Comments
Dear Camituti
i'll recommend you to highlight this issue by reaching to the local newspapers and getting this matter published so that people like you who may not be able to speak or facing the same problem may come up or you can also take the help of Jaago Grahak Jaago sangathan by mailing them or by calling at the toll free no.
i'll recommend you to highlight this issue by reaching to the local newspapers and getting this matter published so that people like you who may not be able to speak or facing the same problem may come up or you can also take the help of Jaago Grahak Jaago sangathan by mailing them or by calling at the toll free no.
When you had took the loan interest rates must be around 8-8.75% but now interest rates have gone upto 10.25%. so either you need to increase the emi amount or bank will increase the loan tenure.
This is quite common and almost every bank does it. Some banks strictly ask customers to increase the emi amount not tenure.
If interest rates will come down then tenure or emi will also come down.
This is quite common and almost every bank does it. Some banks strictly ask customers to increase the emi amount not tenure.
If interest rates will come down then tenure or emi will also come down.
I do understand the your logic. The interest has increased 8.5 to 10.5 that means just 2%. The 2% will effect from 20 year to 52 year? Something is wrong in the calcualtion. Please provide your calculation.
yes its that 2% which is causing all this problem...check this out..put your approx principal, current emi and
interest rate and see the tenure...then try to increase the emi and see the impact on loan tenure...
enjoy the fun :)
http://www.bankbazaar.com/finance-tools/loan-repayment-tenure-calculator.html
interest rate and see the tenure...then try to increase the emi and see the impact on loan tenure...
enjoy the fun :)
http://www.bankbazaar.com/finance-tools/loan-repayment-tenure-calculator.html
I am not enjoing. Kindly send the new calculation details.
Get a new repayment schedule from axis bank.
when you had initially taken the loan, at that time emi design was like that you will pay interest and over it some 2-3K on principal. if you follow this schedule then loan will be over by 25 years.
Now interest has gone up but you are paying the same emi so each month very less money is going to your principal...may be just some 600-700 rs instead of 2-3k causing tenure to rise.
use simple interest calculation principal * interest * time
remember right now loan amount is huge so by changing interest of 1-2% it increase upto 2% per month.
Let me know if you want more
use this..
http://www.loanwala.com/calculators/amortization.html
first put your loan duration as 25 yrs and old interest rate...then put same interest rate
you will see how it automatically change emi to keep tenure same 25 years...
finally generate for 52 years...
let me know if you have more questions...simple solution of current problem is either increase the emi or do a part payment of 50k or 1L.
when you had initially taken the loan, at that time emi design was like that you will pay interest and over it some 2-3K on principal. if you follow this schedule then loan will be over by 25 years.
Now interest has gone up but you are paying the same emi so each month very less money is going to your principal...may be just some 600-700 rs instead of 2-3k causing tenure to rise.
use simple interest calculation principal * interest * time
remember right now loan amount is huge so by changing interest of 1-2% it increase upto 2% per month.
Let me know if you want more
use this..
http://www.loanwala.com/calculators/amortization.html
first put your loan duration as 25 yrs and old interest rate...then put same interest rate
you will see how it automatically change emi to keep tenure same 25 years...
finally generate for 52 years...
let me know if you have more questions...simple solution of current problem is either increase the emi or do a part payment of 50k or 1L.
I would like to go same duration so please let me know the new EMI. Also kindly send required documentation do for the same.
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Axis Bank — HOUSING LOAN TENURE
I HAVE SIGNED AGREEMENT FOR 20 YEARS HOUSING LOAN. BUT I RECEIVED LOANSTATEMENT (SOA) BALANCE TENURE IS 700 MONTHS (58 YEARS) AND NET PAYABLE
REF. 47 LACS. (ACTUAL LOAN TAKEN 7.96 LAC)
PLEASE HELP ME.