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Home Loan Policy Rohit-Barla | Loans and Credit Cards | 1 Reply

26
Jul
2013

Hello sir, I have taken a Home loan from Axis bank for Rs 20,39400 / - (Twenty lack thirty nine thousand four hundred) two years back and now i have asked to the bank person what is the principal amount rest on my loan and he said that it is arround 20,20,000 /- I was surprised after gettig this info for confirmation I call back to them and ask for a clarification and they told that . I am paying a EMI of Rs 19800/- monthly and in this principle amount is only Rs 500/- and rest is interest taken. I just want to confirm that is there any ratio on the EMI for the principal amount and the interest amount . Please help. Regards,(09560169988) Rohit.barla@gmail.com

By IndianMoney Experts - 2013-Jul-26
Dear Rohit, Please contact the Axis bank toll free number at 1800 233 5577 in order to resolve your complaint.Here many times loans are rejected at the first stage itself due to ineligible age criteria, income criteria, proper documents not been submitted, Not passing the necessary bank field investigations. The best way to solve this problem would be to check the criteria of the lending bank and apply only to that bank which matches our profile.Here the borrower needs to fund atleast 10-20% of the entire loan amount as down payments. For an amount of 10 Lakhs this can be approximately 2 Lakhs which unless payed the bank will not sanction the requisite amounts. Here loans are paid based on the EMI which includes Principal, Interest, and Tenure of loan,. Method of Computation which includes Monthly Reducing Balance in which the principal on which you pay interest reduces every month .Annual Reducing Balance is one in which the principal is reduced at the end of the year.If you want any information on home loans please look up the website IndianMoney.com.This is India\'s only free on call money adviser.
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