Maya Dilipbhai Patel & Dilip Ambalal Patel — housing loan paid certificate for the fy 2017-18 & rate of interest under floating option not followed by corporation bank

Address:

380060

Maya dilipbhai patel
Dilip ambalal patel

To
Regional manager
Head office - india
Corporation bank
India / gujarat / ahmedabad.

Re: certificate of principal amount & interest amount deduction during fy 2017-18
For the deduction under income tax act.- a/c. C/home/01/6007-maya dilipkumar patel

This has reference to the above matter; we have got housing loan during the end of 2005 of rs. 15, 00, 000 on 110, heritage bunglows, opp. Science city, ahmedabad-380060 and paid the instalment regularly and got certificate of principal amount & interest amount deduction regularly.
Due to higher rate of interest of corporation bank v/s below 9 % rate of interest prevailing in the market from nationalised bank & private listed bank. Therefore, we do not have the option to pay the housing loan immediately to reduce our unnecessary finance cost / burden and paid all outstanding at a stroke to your ahmedabad branch.
Your bank authority had increased the rate of interest from 7.5 % to 12% under floating base option but never reduced the rate of interest from 12 % to 8.35 % as we had opted floating rate of interest option as per the agreement done between us. This was a serious complaint done before your higher authority but no concreate action taken by higher authority.
Now, we have paid the total outstanding at a stroke to ahmedabad main branch but cannot get a certificate of principal amount & interest amount deduction during the fy 2017-18 which is the mandatory requirement for the income tax act to get the deduction.in this regards, we have met to the concerned officer 3 to 4 times in main branch but not get the certificate in timely manner from him for one reason or another reason of your internal bank issues. These are not applicable to us. This is not fair for the best customer service and requirements with duties of your bank authorities including higher authority.
In view of the above, pl. Give strict direction to concerned officer of your bank and give me certificate at a stroke at my residence address on currier basis. Now we are not ready to take visit your bank for this purpose with the concerned officer.
Also give us refund of excess interest collected during the fy 2005-06 to 2017-18 as you have misused the interpretation of floating rate of interest as agreed with us or we have to take legal action against your bank authority for the floating rate of interest base rules & regulation prevailing in the market and this is applicable on auto floating base or otherwise your bank has no power to increase the rate of interest on one sided from 2005 onwards. If your bank authority cannot decreased the interest and then how had increased the rate of interest from 7.5 % to 12% or plus 12%. Both side rules & regulation applicable to us on floating base automatically. We have also taken a housing loan from axis bank and they are increasing & decreasing the rate of interest both under floating basis. If your bank authority had automatically increased the rate of interest without my consent & intimation given to us and then similarly you have to decrease the rate of interest as per rules & regulation prevailing in the market in case of floating base option. One sided decision cannot applied & take decision one sided by your higher authority or your concerned officers. Your bank is also showing customer satisfying rating 3 % only on the site basis which is also reflecting my above mentioned complaint for two reasons.
Waiting for your favourable action & result immediately from your higher authority.

Yours faithfully,

Maya d patel dilip a patel

Cc to
1. Office operation of banking ombudsman
Reserve bank of india,
Ahmedabad.
Tel. No.26582357/26586718 fax no.[protected]
2. Consumer complaints – bank
Indian consumer complaint forum