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Careful, you could turn a defaulter even if you are paying your EMI on time!

Friday, 14 March 2014 - 10:34pm IST | Agency: dna

When RK Srivastava, a senior Air India official learned that he had defaulted Rs 66,000 on his home loan, he was shocked. He had never even once in the past over three years missed paying a single EMI.
Similarly, Sanjay Bramhane, a senior DGCA official, too learned he had "defaulted" paying Rs 45,000.

Srivastava and Bramhane are just two among the more than 100 employees of Air India and DGCA, staying in a residential complex at Nerul, who suddenly turned loan defaulters due to some technical error on the part of the bank.

They also alleged that the bank kept charging them a higher EMI amount than what was in the contract. It also did not inform them of a new RBI policy by which they could get a lower interest rate by paying a transfer amount. The flat owners have collectively availed over Rs 75 crore as loan. "They took more amount from us in the past three months in the form of EMI and we did not realise it." Said Srivastava, who is an assistant general manager. "I was told I had defaulted on payments," said Srivastava, who had availed a loan of over Rs 30 lakh.

The flat owners allege that after realising the discrepancies on part of the bank, they wrote several times to it, but to no avail. "Finally we met senior bank officials on Friday" said Bramhane.

Anil Nair, a manager of SBI, Lokandwala branch, from where the loan was procured, said, "There are some technical problems. We hope to rectify them within a week."

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