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No cut in interest rate on Home loans for existing customers Prabhat-Kumar- | Loans and Credit Cards | 1 Reply


I had availed SBI home loan in the month of November, 2008 for period of 15 years and opted flexible rate of interest. It is well known to you that with the passage of time all leading banks have curtailed interest rate on housing loan applicable to existent customers but SBI emphasized on to make new customer by offering lucrative rate of interest. However, no benefit is extended to the customer who availed loan prior to the launching of new schemes. SBI urges that due to high lending rate it is not possible to bank to give relaxation to the customers. The pleas of SBI appears meaningless as other banks are giving relaxation to their old customers. I really feel betrayed as I had opted flexible rate of interest but flexibility is deliberately seized by SBI. It may also be mentioned if the rate of interest goes on higher side whether there will be any impact on customers who were denied benefit of interest cut. I am sure that in that circumstances SBI will not forget to transfer burden on old customer by increasing rate of interest. Please think positively and extend benefit of interest cut to your old customer too

By IndianMoney Experts - 2013-May-24
Dear Prabhat, Kindly contact the SBI Customer Care on their Toll free number 1800 11 22 11 in order to resolve your complaints. You can say it is an unfair practice that banks indulge in for existing customers but they have their own explanations as they say that the cost of borrowing for existing customers is high ,therefore they cannot pass on the benefit of reduced rate of interest to existing customers. Hence they make the benefit available to new customers. This logic seems totally flawed. These banks and financial institutions follow these unfair practices which they do in the guise of pricing of products which seems to be the natural right of these institutions in absence of clear cut regulatory guidelines. Unfortunately we do not have any other option than paying the interest charged by them If you feel you are cheated you can always lodge a complaint in the District Consumer Forum. You can always look up the website for your insurance needs.
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