A lot of people when they financing with bank, their trust toward bank can be said is 100%. Why I say so? They normally will pay according to bank statement received and even no counter check on the loan balance amount and the interest charged are correct.
Sometimes they even tell you “The bank won’t make a mistake”.
Unfortunately, the system could have done wrong on your loan statement if you are not cross-checking and unrealized, you will definitely bear a big loss as the housing loan which consider as long-term debt, the extra charge on interest if compound daily or monthly basis, at the end of the day, you would suffer an “Extra Loss”.
For instance, if there is extra charge of $150 per month by wrong interest computation (say monthly basis compounding and extra interest charge 1.5%p.a), after 2 years you loss about $ 3656.79.
Please refer to few bank loan statements with “Mistake” done at below:-
You can notice the mistake has been done by the bank include the without reducing on outstanding balance (has been circled) and extra charged on the loan interest (see 1st and 2nd Table). What can you do if this happen on you??
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