Bank Of Baroda — not provided moratorium period

Address: Vadodara, Gujarat, 390021

Website: consumercomplaints.in

I undersigned shri. Tarsem singh bal residing at above mentioned address and working as a superintendent, central goods and service tax (Earlier known as central excise, customs & service tax department), vadodara.

I applied for loan on land and construction for rs. 20, 00, 000/- (Rupees twenty lakhs only) on dated 27/02/2018 and bank sanctioned me
Rs.17, 47, 000/- (Rupees seventeen lakhs and forty seven thousand only) on 23/03/2018 (Copy of sanction letter enclosed for your ready reference).

Now, as per sanction letter provided to me it clearly mentioned that i have been sanctioned rs.17, 47, 000/- and my emi starts from april’2018 with no moratorium period being given. As per bank of baroda home loan guidelines shown on your website (Copy enclosed) it clearly mentioned that moratorium period should be given between maximum upto 36 months or 18 months i[censored]nder construction building or house.

As per definition of moratorium period “in case the loan is sanctioned for construction of house, maximum period of 18 months or 1 month after completion of house / taking possession of flat / house, whichever is earlier is allowed as moratorium period when emi is not required to be paid and only servicing of interest, as & when applied, is required.in case of loan granted for outright purchase of readymade house, emi is to be paid from the next month of sanction of loan”.
In my case i have applied for loan on “land and construction on it later” and i already mortgaged my land with your bank and construction activity yet not started on that particular land. Therefore, i am legally and practically eligible for moratorium period atleast for 18 months from the sanctioned date of loan.

You are requested to look into the matter personally in the interest of justice and kindly grant me moratorium period as per law.

Thanking you in anticipation.