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increase of interest every year on home loan Rizwan-Farooqui | Loans and Credit Cards | 1 Reply


Hi, I took a home loan of Rs 12 Lacs from Indiabulls in Dec 2007, when I took it, it was given to me at 9% , and then every 6 months or so they increased the rate and now I got a revised rate of 19.5% , I want to know if I am regularly paying to NBFC then why they are increasing ROI and what is the upper limit set by RBI to charge a home loan customer ... is this arbitrary in the eyes of regulators that a new customer gets a home loan at rate 9 to 13% in an open market and a customer who is regularly paying his EMI is increased to double the rate he took it originally, and what does regulators are doing to stop these type of malfuctioning by NBFCs , what is the difference between money lenders at the time of British Raj and a free India NBFC ...? Both are free to charge customers at any rate of interest?.

By IndianMoney Experts - 2013-May-24
Dear Rizwank , Kindly contact the Indiabulls Home Loans Customer Care on 0124 4572444 in order to resolve your complaint. As you have read on the site RBI has directed not to levy charges for foreclosure of home loans on floating rate interest basis. As per the guidelines a fluctuating rate of interest is charged according to the prevailing rate of interest in the market and new borrowers gets the benefit to get interest at a lower rate than the existing ones. You can always look up the website for your home loan needs.
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