Additional Pre EMI charged by GIC on transferring home loan

[samkapoor77]

Due to certain reasons, I transferred my home loan from GIC Housing to PNB. GIC charges pre EMI interest on 1st day of each month. I gave PNB’s cheque to them on 3rd of this month but GIC is saying that the interest will be charged for entire month. Are they justified in their act? Can I challenge their interest charging?

[samkapoor77]

Before getting fumed on GIC, read prepayment clause in your loan agreement. If what they are saying is given there in writing, then you will have to pay the additional charges for full month without challenging them.

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