LICHFL, Thanjavur — Change in terms of loan

Address:

Delhi

Hi,

I had applied the loan on 21st December 2010 against the scheme of 9.25% fixed for 5 years. I was told that it should get sanctioned in 7-8 working days before the expiry of the scheme. I received the sanction letter yesterday (9th Feb, 2011).
I have few concerns in the same:

1. The sanction letter states the rate of 9.75% fixed for 5 years instead of 9.25% fixed for 5 years
2. It also says that the rates at the time of disbursement will be applicable.
3. I was told that the processing charges will be 0.5 % or 10, 000 which ever is lower because of my professional degree. The processing charges shown in the sanction letter is 1%, although I had given the copy of my professional degree also.
4. I was told that there is no prepayment penalty if loan prepaid from own sources. It will be applicable only in case of transfer of loan to another financial institution. The sanction letter simply says 2% prepayment charges.

I expect that the sanction letter should have same terms which were told to the customer which were told based on which the customer decided. Also, I would like to have all the terms told to me at the time of application on the LIC letter head instead of verbal communication. Having different things in verbal communication and written letter is not expected way of working of such a large government financial institution.

Please look into the same and clarify for the same.

Thanks
Vivek