I have home loan with Axis Bank.
I’m really frustrated & shocked to see that only interest amount are being considered and no principal amount is deducted from the EMI paid for the past 5 months(From May 2011).I agree that loan interest rate is revised due to RBI increase in points however have not received any single official letter from Axis bank or processing unit mentioning the revised loan rate, amount & tenure.
Since my mobile number & email id is already registered with loan account, it would have been better if customer care/bank representative had contacted me through phone or mail for only interest amount is deducted in loan account for customer benefit. This is really unacceptable and lacks confidence level on Axis bank.
How can you expect me to contact bank without receiving any information. I did not receive any letter neither from Bank or through Centralised unit?
I have requested the bank manager to kindly adjust the principal amount paid for the past 5 months and for the remaining outstanding balance amount, and also requested to provide the revised repayment schedule for the tenure of 20 years. Upon the requested changes above, revised ECS form will be submitted to the branch directly.
Also I request bank to keep me posted on all the changes with respect to Home Loan in order to act immediately and avoid interest payment alone.
However i’m awaiting for positive reply.
Regards,
Nags