Home Loan Balance Transfer – Caught In The Net

I had applied at Reliance Capital, New Delhi, for a Home Loan Balance Transfer (Rs. 50 lakhs) PLUS a term loan top-up of Rs. 70 lakhs. The BT (balance transfer of the home loan) draft was handed to our bank on 5th May, around 2 pm. I sincerely appreciate their brisk effort in finalizing the processing of my loan.
Incidentally, our existing bank (Indian Bank) decided to offer us the top-up loan of Rs. 70 lakhs, at a much better rate of interest. And I stand to save reasonably on account of the processing fees and the penalty for closing the loan.

Consequently, within 3 days they have sanctioned my loan, and the draft from Reliance Capital has not been cashed in the past 3 days. Today, I tried to return the draft to Mr. Jagrit Joshi at Reliance Capital, but he refused to accept it saying that it cannot be returned before 6 months. Neither is the zonal head Mr. Rishi Soni willing to consider my request for return of the draft.

After a lot of discussion, they say that I will have to bear a penalty of 5% on the total amount of Rs. 1.20 crores, of which Rs. 70 lakhs has not even been received by me.

I find this preposterous, and am feeling quite harassed that they are insist on charging interest on what they have not even disbursed to me. They are not willing to talk logically by disclosing the policy in this regard. I am willing to bear the penalty as per the standardized policy for returning the un-cashed draft (on 3rd day) and where the top-up has not been disbursed yet

As a consumer, I don’t find anything unfair if I intend to return the draft to them, which, unfortunately is not being accepted by them. I don’t intend to be unreasonable to anyone, but I do have the right to judge my interests and benefits. And, I don’t expect the company to be unreasonable to me either.