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No cut in interest rate on Home loans 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 emphasised 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-25
Dear Kumar, Please contact SBI Bank Customer care at 1800 11 22 11 in order to resolve your complaint..The argument of these banks is that since the cost of their funds that is deposits rates were high the loan rates charged for existing customers is high.For new customers the rates charged are lower as cost of deposits for banks is lower due to fall in the deposit rates.This is the banks argument.However existing customers have the balance transfer option where they can transfer the outstanding balance of their home loan to another bank which offers a lesser rate of interest.Always strike a hard bargain and take advantage of the lesser rates.You can read up on home loans from the website is India\'s only free on call money adviser.
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