[Resolved]  Axis Bank — Pls Help me out :--My Home loan outstanding principal component increases every month instead of decrease

I have availed a home loan from Axis Bank on march 20 , 2006

the principal amount i have taken was Rs. 16,50,000 and floating rate mentioned in Loan saction letter was : 8.00%

My EMI per month is 13,802 and i have payed 21 instalments which comes around Rs. 2,89,842 from May 2006 till Jan 2008.
and they say the pricipal outstanding as of today as of today as per Axis bank Statement is Rs. 16,38,961. So the principal amount which reduced from my outstanding was just Rs.11,039 from 2,89,842(tatal amount paid till date). How come it is possible???

The statement which i received from Axis bank says

what ever the intesert portion they calculate on monthly basis will get added up to pricipal amount every month and whatever the EMI paid will get deducted from Total amount{ Princial + interest portion added] every month and if any Equity mortgage charges to be deducted, that is also getting added up to my outstanding pricipal. So that every month my outstanding principal getting increased.

I contacted them and enquired. They said this is how they do.

PLs somebody help me out as i am struggling with Axis Bank service and i will not be able to pay EMI if it continues like this
since i am a salaried person.

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Aug 13, 2020
Complaint marked as Resolved 
Complaint comments  4 CommentsShareTweet


I want to close my home loan account No.[protected]. so please tell me in which favour cheque wiil be deposited. My Contact No. is [protected]
We are online travel agent we need axis bank holiday details thro out india.
Pls help us.

Thanks & Regards,

Hermes I Ticket Pvt Ltd
I have taken mortage loan from Axis Bank Ltd.HYD on 16th feb 2008.on Floating Rate of Interest.While that time the ROI was 13.25% which was only for 3months.Gradually they brought it to 14.25% when i have seen that the ROI was 14.25% I have gone to the local Branch Located at Ranigunj & I spoke To CCE.They told me that my loan was on floating basis so the ROI is increased but from there side they didnot cooperate me Sir, If i get decrease in ROI then i will continue Other wise i will look some other Bank
to get take over from AXIS Bank Ltd.Once again i am pleasing you to look into this matter & do needfull Help to me.if i get decrease in ROI from AXIS Bank Ltd.I shall ever
Remians Thankfull to you.

as soon i get reply to my mail i will post my comment

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