Bijay Kumar Singh, an employee of State Bank of India (SBI), had taken a housing loan from the same bank. The loan amount of Rs 2 lakh was sanctioned on February 27, 2004, at 8 per cent fixed interest. The equated monthly instalment (EMI) amounting to Rs 2,340 was to be deducted from Singh’s salary over a period of 120 months.
After 15 EMIs were paid, Singh was transferred from Salkia Branch to Howrah Maidan Branch. EMI deductions continued. Singh cleared 112 EMI instalments without any default. When merely eight instalments remained, Singh received a notice from the bank claiming
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper
