| Address: Tarnaka branch, Hyderabad, Telangana |
I have taken home loan of 14, 00, 000 rs with Rate of Interest of 6.95%.
I requested for 10yr loan tenure, but they gave me 20yrs tenure without informing me.
When complained about wrong tenure, they said they will adjust it in payments and agreed for monthly fixed EMIs of 17, 000 (instead of 10, 812 in case of 20yr)
What I expected was regular loan break up statement, where I could see gradual increase in principal amount being credited to loan balance and gradual decrease in interest I pay.
When I checked loan account statement, I encountered bizarre statements.
Every month bank auto-debits my monthly EMI of 17, 000 and do the following transactions.
1. Capitalise interest on loan balance and add this interest (considered as unpaid interest) to the loan balance. which will increase total interest amount as principal amount now increased.
2. Credit 10, 812 to loan account (which is supposed to be monthly EMI for 20yrs tenure), and accumulate excess amount.
3. Credit accumulated excess amount to loan balance whenever they like (after 2months or 5 months or 6 months or an year).
All this is illegal and without informing customer, to rob customer with higher interests.
Can Fin Homes customer support has been notified about the posted complaint.