L & T Finance - Charging Foreclosure Charges to Individual Borrower on Housing Loan

I had requested for the foreclosure through balance transfer on *th of February ****, I was clearly told that i will receive the letter within * working days but with foreclosure charges of *%.
Upon my multiple requests about the foreclosure charges waiver, they have ignored it and till today they have not given me the foreclosure letter.

After visiting in person and speaking to them, i spoke to the customer care office and also wrote them the emails. even the guys there are of the opinion that they are going to charge me a foreclosure charges on my balance transfer though i fall into the category of Individual category.

According to point number ** of every sanction letter, or the letter We signed it has clearly been said that the 'A borrower will be categorized as Non- Individual borrower if any of the borrower or co-borrower falls into the category of Limited liability partnership or Partnership firm, Private Limited company, Public limited company, any corporation or any other body corporate.

In my sanction letter, my company name is mentioned ie M/s. Betediya Associates. M/s. Betediya associates is a proprietorship concern and my dad is the proprietor which as per the definiton falls under the category of individual borrower.

An individual borrower is not supposed to pay the foreclosure charges.

L & T Office in lalbaugh road, bangalore, From past **days they have been ignoring my emails and phonecalls. Mr Manjunath, Mr sanath and Mr Nikhil are not ready to accept the fact that i m a individual borrower. in the name of reducing my interest rate and to retain me at l & t they are trying to offer reduced interest rate which is still above the ROI i have been offered from other bank and pushing the days further.

I have no intention of continuing at L & T. I am very unhappy about the experience i am facing. i am unable to get my topup because of them.

My Balance transfer and topup sanction letter is nearing its expiry and it is causing me a mental distubance. the charges are *% of the loan amount and my loan amount is huge. and we are in the need of topup urgently.


IN SHORT, WE ARE INDIVIDUAL BORROWERS AND DONT WANT TO PAY THE FORECLOSURE CHARGES. MY FIRM IS A PROPRIETORSHIP CONCERN AND IT DOESNT FALL INTO THE CATEGORY OF NON-INDIVIDUAL BORROWER OR CO-BORROWER.