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Home loan / Disbursement of Home Loan Installment

1 India

Ref.: Loan Approval No.: AXIS BANK/PH_LNPHG_FLOATING/676494/RAC_NOIDA RAC/11-12 Dt. 21.11.2011.
We, Sanchit Goel & Priti Goel, were sanctioned an amount of Rupees Ten Lacs on Floating rate of interest linked to base rate for the payment of installments of a flat booked by us at Noida. Processing fee of Rs.5515.00 was paid to bank on 24.11.2011. The validity of this loan was 180 Days i.e. upto 21.05.2012. The loan application was got processed through authorized dealer M/s Victorius, Noida. While initial processing the application, the non-judicial stamp papers were procured by M/s Victorius from Delhi. The cost of the documents was born by me. M/s Ajnara, the builders, demanded the installment payment in March. The demand letter was forwarded to Axis bank for necessary disbursement. Till date the installment amount has not been disbursed. In April M/s Victorius told that stamp papers have to be procured again from Noida, as Delhi papers are not valid. Again the charges were borne by me. Now Axis bank authorities told that the loan cannot be on floating ROI. Due to this delayed disbursement the builder is imposing penal interest on me. Therefore why Axis bank should not bear this penal interest burden due to their lapses.
Kindly look into the matter for immediate solution please.
Thanking You
Sanchit Goel

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