My last EMI for Home loan will be paid on 10 Jan 2011. EMI payments are made thro’ ECS from Lender Bank’s S/B account. EMI amount is about Rs.5000/- more than the due on the last installment. I requested Lender (Reputed banker cum Lender) to return my documents within 7 to 10 days of payment of last EMI. Lender has informed me that it will be done after 30 days. I would like know
a) Can Lender take such a :Dlong time to return my papers?’
b) What is the Industry norm for this?
c) Is there any court (consumer or any other) judgement on this ?
d) Should Lender deduct the exact amount due on the last instalment or deduct the EMI amount and return the excess later? If so, after how many days they should return and with what interest rate?
I have a feeling that the Lender is taking the customer for a ride by taking ex-parte decisions.
Pls guide