[Resolved]  Axis Bank Home Loan — Security Documents and Interest calculation for Loan Closure

Hi

I have taken home loan last year from Axis Bank. This year when I contacted them for loan enhancement for registry of the flat, I came to know that there is a policy change at Axis Bank and now they will not enhance the loan even for the registry which was promised to me at the time of apply for the loan. So, I got my home loan transferred to IDBI Bank. I have completed all the formalities and handed over cheques (one from the IDBI for balance transfer and one checque from my own account for the interest on 2-May-2009. When I checked my account on 8-May-2009, I found that the cheque from my account was withdrawn on 5-May-2009 in to Axis Bank Home Loan account. I immediately sent a request to Axis Bank to know when I will get my security documents. On 18-May-2009 I got one SMS that my EMI will be presented on 20-May-2009 from Axis Bank. I called their customer care executive and asked him why bank wants to take EMI when all my payments are already cleared by 5-May-2009. He told me that this is a automatic SMS and no EMI will be presented to my bank. But on 20-May-2009 it was withdrawn. I called him again and asked why the EMI is debited and also as promised to me that I will get my security documents with 10 Days of clearance of payments I will get the documents. He gave me a shock by telling me that my loan account was closed on 18-May-2009, while all payments were cleared by 5-May-2009. When I started calling him every day to know about the status of my security documents, he gave me another deadline of May 2009 end. They sent me a statement of my account, which shows that payments started reflecting in my home loan account on 13-May-2009 and they have charged me interest till 13-May-2009 (8 days extra).
Following are the points which I would like everyone to know what Axis bank do when you go for loan closure.
1. On 2-May-2009, when I completed all formalities and made payment for the loan closure, I was told that I will get my documets within two weeks. Now they are telling me that it may take till May end (almost a month)
2. My payments were cleared from my account on 5-May-2009, but they are charging me interest till 13-May-2009. They have some of their own process which takes 8 days to actually reflect my payments in their own books. Something like a Bhahikhata system where someone enters the payment at their own ease. I am thankful to that guy as he has not taken a long leave otherwise it may have taken longer than that.
3. My EMI for the month on May, 2009 withdrawn when the payments was received by the Axis Bank on 5-May-2009. Again a kind of Bhahikhata System where the entries were not done in their books when bank present my cheque (every 16th of month)
4. I tried contacting senior managers of Axis Bank, but there is no effect, may be they don’t interfere in work being done/not done by their subordinates or they are too busy. I contacted Axis Bank, Home Loan Noida Branch customer care managers, and then North region customer care managers, but there is no change.
5. Now I have to pay 18% interest to my builder on the remaining payments as IDBI Bank will not release any fund before getting the security documents. Also 8 Days extra interest charged by the Axis Bank.

Thanks & Regards,
Satish Chandra Roy
Axis Bank Home Loan A/c no - PHNOD[protected]