Housing Loan Account No. 406178 AGAINST KOTAK MAHINDRA BANK
Customer ID No.18126723
Loan Amount sanctioned : 21, 88, 977/-
Amount Disbursed : 11, 46, 440/-
1. I had availed Home Loan from M/s. Kotak Mahindra Bank, Bangalore, as against the Flat Booked with M/s. Radiant Enclave for Rs.24, 00, 000/-.
2. Since the flat was under construction, I had availed only 11, 46, 440/- and was paying pre-emi of Rs.12, 000/-(approx.).
3. The Bank have also taken Rs. 89, 000/- towards Insurance and Pre-emi was collected towards that also.
4. Due to financial crisis, I opted to shift from 3 bedroom apt. to 2 bedroom apt., in the same project.
5. The Bank refused to transfer the loan and adjust the amount to the new flat in the same project.
6. Upon request for pre-closure, Bank is now charging 2% of commitment charges on the disbursed amount and 2% commitment charges on the undisbursed amount alongwith interest and other service charges.
7. The Pre-closure charges is been levied in the form of commitment charges and is unlawful.
8. The bank is also refusing to return the insurance amount of Rs.89, 000/- or transfer the same to the other flat. They have informed that only 50% of the insurance amount will be credited back to me, which is unfair for the facility which I have not utilised. Infact, the insurance will come into effect only after registration and possession of the flat in my name. In this case, pending possession and registration of the flat, the Bank do not have any authority to hold certain amount towards the insurance and deduct 50% of the same as cancellation charges.
9. Kindly provide me justice in closing the home loan at M/s. Kotak Mahindra Bank, by paying only the outstanding amount alongwith interest (as applicable till date) minus Insurance Amount as claimed in the pre-closure statement of the Bank.
Regards,
Shylaja
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