National Housing Bank — undue recovery of premium without any consent of the customer against home loan a/c no.[protected]

Address:

Jabalpur, Madhya Pradesh, 482001

Respected sir,
In reference to the above, this is brought into your kind notice that I am maintaining above mentioned loan from LIC, HFL, Jabalpur. Till the month of January-2018, installment amount Rs. 8015/-month is being regularly paid by me and there are no dues against above loan account.

Surprisingly, I got the message in my mobile on 08.02.2018, that an amount of Rs. 8863/- would be debited towards the aforesaid home loan account. Such increase in the installment amount is too much higher side which is around 11% increase in installment amount.

On enquiring from Area Manager, LIC HFL official, Jabalpur, I have been advised that since loan amount was fixed for 2 years and after that hiked ROI is applied hence increased the installment amount from Rs. 8015 to 8863/- per month.

It is not out of place to mention here that any customer get the option to fix the loan amount for any specified period for getting ensure not to hike in ROI and thereafter ONLY prevalent market rate of interest is applicable since ROI is affected with the steps taken RBI by increasing or decreasing Repo rate taking into consideration of the norms laid by National Housing Bank.

Following few points are placed below for looking into the matter and rectify the above higher installment which has been injudiciously hike -

1) Any fixation of ROI for specified period is valid during that time and thereafter ONLY present ROI is applicable after expiry of that period. Nowadays, all the banks are reducing the ROI in India. On which basis, LIC HFL has drastically enhanced the ROI in above loan account?

Kindly arrange to provide the relevant instructions/norms of LIC HFL as being a customer I just wish to obtain these instructions/norms.

3) How any Bank can enhanced the monthly premium without any consent of the customer. Earlier they have not advised anything and now telling firstly that Rs. 10, 000 to be paid for reducing the ROI to the increased ROI from 11.5 to 9% but there is no hike in ROI in any home loan in India and RBI has not also hiked repo rate so far.

3) Sir, Is it crime for customer to fix the loan amount for the certain period in LIC HFL? Since, after expiry of specified period, present ROI should be applicable as rate of interest depending upon the present banking home loan interest which fluctuates on the decision taken by RBI with increasing/cutting of Repo rate. Since no Repo rate has been increased by RBI and such hike in my installment is beyond my comprehension and needs to be investigated appropriately.

Kindly look into the above matter and do needful as the no information has been provided by Area Manager LIC, HFL even after submission of an application physically. They are doing the work on the line as there is no statutory body upon them as they neither respond my reply nor given any information in the matter.

Thanks,

Niti Gupta
Home Loan A/c No.[protected].
Mob- [protected]