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Double Interest charged for Aug'23 on home loan account with PNB

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prc1990

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I have a home loan account with PNB and generally track each transaction on that account regularly.

Generally they post the interest amount as a credit entry followed by EMI amount as a debit entry in each month.

I see interest rate has been updated from 7.1 to 8.5 on 31st Aug and noticed the following:

1. I was charged almost double amount as interest for Aug'23 compared to last month.
2. Interest Amount for Aug'23 is now greater than EMI amount which seems to be not possible at any point.

I went to branch and realised other people also faced the similar issue. Have submitted a written complaint but very very disappointed as no way I'm able to match their calculation.

If anyone in this forum has home loan with PNB and have faced similar problem, kindly update here to understand if this is a mass issue.
 
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prc1990 said:
I have a home loan account with PNB and generally track each transaction on that account regularly.

Generally they post the interest amount as a credit entry followed by EMI amount as a debit entry in each month.

I see interest rate has been updated from 7.1 to 8.5 on 31st Aug and noticed the following:

1. I was charged almost double amount as interest for Aug'23 compared to last month.
2. Interest Amount for Aug'23 is now greater than EMI amount which seems to be not possible at any point.

I went to branch and realised other people also faced the similar issue. Have submitted a written complaint but very very disappointed as no way I'm able to match their calculation.

If anyone in this forum has home loan with PNB and have faced similar problem, kindly update here to understand if this is a mass issue.
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I think their software having some issues on interest mapping. Due to this problem, the interest rate was not reduced for my account and my friend home loan account automatically.
Actually the interest rate was gradually increased from Jun 22 to Feb 23 based on repo rate. The increased rate was applied to account automatically by the software.
After April 23 they reduced the interest rate by giving some discount on interest calculation. So now the starting interest rate for home loan account is 8.50%. But their system has failed to decrease the interest rate to current rate automatically. So, I and my friend requested the BM to reduce the interest rate to 8.55% as per their website from our existing interest rate 9.30% and 9.55% respectively. The BM had changed the interest table code after referring their internal circular no.06/2023(I forgot the no).
So, I think in your case they charged lesser interest from your home loan account and Now they find out the mistake (may be bank audit team reported) and rectified from their end. As per the data available with me, the interest rate 7.10% was charged during June 22. So they calculated the interest for last one year and credited to your home loan account.
In a another thread (I think Pnb credit card) I also asked you how they offered reduced interest rate to you. But you didn't reply to my question. You are telling another people also facing the same issue, may be due to wrong interest table code entered by the branch employees. In my point of view PNB is the best bank for taking loans. Because they are offering the service competitive interest rate and quick disbursal of loan amount. For my home loan with in a day they disbursed the loan amount.
 
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Jeba M said:
I think their software having some issues on interest mapping. Due to this problem, the interest rate was not reduced for my account and my friend home loan account automatically.
Actually the interest rate was gradually increased from Jun 22 to Feb 23 based on repo rate. The increased rate was applied to account properly by the software.
After April 23 they reduced the interest rate by giving some discount on interest calculation. So now the starting interest rate for home loan account is 8.50%. But their system has failed to decrease the interest rate to current rate. So, I and my friend requested them to reduce the interest rate to 8.55% as per their website from our existing interest rate 9.30% and 9.55% respectively. The BM had changed the interest table code after referring their internal circular no.06/2023(I forgot the no).
So, I think in your case they charged lesser interest from your home loan account and Now they find out the mistake (may be bank audit team reported) and rectified from their end. As per the data available with me, the interest rate 7.10% was charged during June 22. So they calculated the interest for last one year and credited to your home loan account.
In a another thread (I think Pnb credit card) I also asked you how they offered reduced interest rate to you. But you didn't reply to my question.
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I didn't request them anything, it was showing 7.1 for a quite a long time but now it has been changed to 8.5 on 31st Aug'23. So you are telling these are the missing interests in the last one year? I wouldn't tell lie but this was also one of my thoughts.

The confusion will be cleared in the next month isn't it?
 
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prc1990 said:
I didn't request them anything, it was showing 7.1 for a quite a long time but now it has been changed to 8.5 on 31st Aug'23. So you are telling these are the missing interests in the last one year? I wouldn't tell lie but this was also one of my thoughts.

The confusion will be cleared in the next month isn't it?
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Yes. They charged lesser interest for last year now they posted the accumulated interest on your account. From Sep 23 you will be charged 8.50%. I am not mentioned you are telling lie. Hope you understand.
 
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Jeba M said:
Yes. They charged lesser interest for last year now they posted the accumulated interest on your account. From Sep 23 you will be charged 8.50%. I am not mentioned you are telling lie. Hope you understand.
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Sorry bro if I missed to respond to your questions in the other thread. What is your interest rate now?
 
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Jeba M said:
Ok. My account was corrected in July to 8.55%. That's far enough for me.
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Hi are you able to pull your pnb home loan account details through any third party app? Showing technical error since yesterday for me. Are you seeing the same error for your account as well? Can you please check and let me know?
 
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prc1990 said:
Hi are you able to pull your pnb home loan account details through any third party app? Showing technical error since yesterday for me. Are you seeing the same error for your account as well? Can you please check and let me know?
Click to expand...
Yes. Tried in gpay, not fetching my account details. BTW why you are using bbps
 
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