|
Excessive Monthly Installment |
|
By: |
|
Date:
2007-10-17 |
|
Place: |
|
|
HSBC miscalculates Malad resident Jagdhir Malia’s EMI twice before arriving at the lower sum he should have been charged
| | | Jagdhir Malia was charged Rs 27,290 by the bank instead of Rs 25,660 he was supposed to pay. pic/varun singh |
Jagdhir Malia (29) discovered that his bank was charging him more than the correct EMI on his home loan. The Malad-resident had to complain twice before the bank arrived at the correct figure.
Malia had taken a Rs 25-lakh home loan from HSBC in 2005 on floating interest. This meant that his EMI would increase or decrease with a corresponding rise or fall in interest rates.
Monthly error
Malia paid Rs 27,277 as EMI when the interest rate was at a high of 12.4 per cent, this year. Last month, the interest dropped to 11.5 per cent.
His correct EMI was now Rs 25,660. But the bank made a calculation mistake and Malia was charged Rs 27,290.
Malia, who by then was scrutinising the charges, complained to the bank. HSBC revised his EMI to Rs 26,110, which was also more than what he was supposed to pay. Malia had to complain again before HSBC finally arrived at the correct amount.
In RBI’s court
Malia said, “Had I not read the letter from the bank carefully, I would have blindly paid the EMI they asked for. Thankfully, I realised there was some mistake and questioned them. They made two mistakes before arriving at the correct amount.”
He added, “I am going to complain to the RBI about the bank as I think it’s a huge blunder. Others should know about it.”
HSBC has since apologised in writing to Malia. Sachin Kesarkar, assistant manager, Home Loans, HSBC, said, “We have sent him an apology letter for the mistake.
We accept the bank made mistakes twice while calculating the EMI. We will see to it that the mistakes are not repeated again with anyone.”
|
|
|
|
