[Resolved]  State Bank of India / Housing Loan — Unlawfully charging Higher Rate of Interest Charged

Address:

Gautam Buddha Nagar, Uttar Pradesh

Dear Sir,


Subject: Request for Strict Compliance of Sanction Letter with regard to charging of interest rate since inception of Housing Loan.

Ref:- Housing Loan A/c No.[protected] in the name of Mr. Rohit Dhir, Sh. Vijay Kumar Dhir and Smt. Shashi Kiran Dhir.

This has reference to my Housing Loan A/c No.[protected] taken from SBI Bank, Branch 63, Noida, for the amount of Rs.16,27,000/-. I could never understand the mechanism of charging interest on the loan amount and for understanding the same, I approached Branch Manager. After my discussion with the Branch Manager and from the perusal/analysis of statements of my Loan account, I understand and reach to the crux that instead of charging fixed rate of interest i.e.8.5% for first year, I have/had been charged with higher rate from time to time. The same was agreed by the Bank Officials as well.

As per clause 2(a) of the Sanction letter dated 24th January, 2011, Interest rate for the first three years should be charged in the following manner:-

Ist Year from the date of disbursement (till Anniversary date of the loan) 8.50% p.a. (Fixed)

For Next Two years 9.25% p.a. (Fixed)

Thereafter - Variable (as per market rate)

From the perusal of above, it is amply clear that interest should be charged as stated in the Sanction letter but sorry to my situation, I do not find the same is complied with and floating rate is charged in the first year (as per market rate) instead of charging fixed rate of 8.5% p.a which is wrong, unjustifiable and unlawful and required to be corrected with immediate effect.

Further, would like to humbly request that extra interest charged should be adjusted against my loan liability.

Hope, the grievance will be appreciated and quick resolution is expected. Just to highlight that till date, whatever amount I am paying as my EMI, major portion of the same is going as interest due to which my principal amount is not reducing in the proportion as mentioned in the sanction letter. This is causing serious mental tension and financial hardship for a salaried class person like me. Please appreciate that due to this reason only, I am helpless and unable to plan any other household expenditures and cannot allocate the restricted fixed income for other purposes.

The above facts and situation has already been discussed with concerned Branch Manager and other officials through chain of Mails, wherein I have stated everything in detail. I also met Branch Manager and given requests in writing to him. I must say that he has very well appreciated my concern and stood by me after understanding my bonafide in the matter. The said mail conversation and application given to Branch Manager are attached herewith for your kind reference and perusal.

I am very hopeful that my request for strict compliance of the sanction letter will be accepted and correction in this regard will be made very quickly.

I am sure that an esteemed organization/institution like State Bank of India (“The Flagship of India Banking”), who always cares for their customer’s interest and benefit, will ever let down the hope of its customer.

Would you require any other information/clarification in relation to this matter, please feel free to reach at my contact no. [protected].
Thanking you,

Yours faithfully,

Rohit Dhir
Advocate
rohit.[protected]@tatatel.co.in