[Resolved]  Lic Housing Finance Ltd. — Wrong remaining EMI/ no. of months shown in letter of LICHFL for Housing Loan

Address:

Lucknow, Uttar Pradesh

Dear Sir,

In reference to Loan Account [protected], I have taken Housing Loan of Rs. 6 Lac for 10 years from M/S LIC Housing Finance Ltd. (LICHFL) in 2008 for construction of house. I request you to kindly instruct M/S LICHFL to correct the figure/no. of EMIs as wrongly imposed / Outstanding Loan to me.

With out giving any information to the concerned M/S LICHFL, extended loan period by 13 months i.e. more 10% of entire loan period of 120 month, just to impose more financial liability/ burden, by taking EMI on lesser ROI. This seems to be violation and giving a false appearance against transparent policy.

According to actual ROI /the interest movement register as earlier provided by M/S LICHFL, details of EMIs (with break-up - principal + Interest part) starting from June 2008 to till date and total outstanding amount as on date may be provided.

As per LICHFL, EMI were paid Rs. 8010/- from June 2008 onwards.

In December 2009, as per letter from LICHFL for advance cheques for the EMIs were paid @ Rs. 7633/- pm from Jan 2010 onwards Rs.7633/- and similar letter in Dec 2010 for the next advance cheques and same have been paid (in case of increasing in Rate of Interest, same may be communicated to the concerned, rather than increasing loan period for 11-12 month, which is too high compare to 120 month, a total loan period)

I have paid Installments/EMIs paid by me up to Jan. 2011 are as under:

June 2008 to December 2009 @ Rs. 8010/- (Total 19 Installments)
January 2010 to January 2011 @ Rs. 7633/- (Total 13 Installments)

Thus, out of 120 EMIs, 32 numbers of Installments have already been paid by me so remaining months should be 88 rather than 98 as mentioned in your letter as attached herewith.

My queries are as under:

When 88 remaining EMIs have been converted into 98?, i.e. how 10 months repayment period has been extended without informing to the under named?

One side I suppose to get a benefit of Rs. 377/- for month (difference of Rs. 8010 and 7633) other side how I am being imposed a burden of in Lacs (13X7633=99229/-) by extending repayment period from 88 to 101 as per letter from M/S LICHFL dated 22/01/11. (If Rate of interest is increasing, same may be communicated to the concerned so that increased amount EMI may be paid rather than paying EMI by lowing the amount. This act seems to be against public-welfare, which seems to be not only unjustifiable but deceitful, fallacious too.)

Please look into the matter, and instruct to M/S LICHFL do needful and not to perform in deceitful manner, because normally public prefer to pay mionr-extended amount rather than paying for infinite period, paying effectively huge money in lump-sump or extending loan period.