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not reducing interest rates Ranjit-M | Loans and Credit Cards | 1 Reply

01
Jun
2013

Hi, Four years back I has taken a home loan from ABN AMRO bank at the ten floating rate of 7.75%. The rate was supposed to be fixed for five years and after 5 years the floating rate prevailing at the time will be applicable. We hadn\'t done the full disbursement of the loan amount, and whenever the lending rates changed (read increased), a weighted average was applicable for us. Currently the weighted average interest rate for my loan is 10.42%. Recently there has been a series of reduction of lending rates by the RBI. But ABN AMRO bank is not passing on this advantage to us. They are giving various excuses like the loan is fixed for five years, etc. And when we questioned them on the weighted average rate that was being charged all these years they are now coming up with the excuse that they no longer have fixed loans so the reduction in rates is not applicable to us. Is there anybody else facing this similar issue? Can I complain to anybody about their misbehaviours? Please let me know.

By IndianMoney Experts - 2013-Jun-01
Dear Ranjit, Kindly contact the ABN AMRO Bank Customer Care on Toll free number 1800 11 2224 in order to resolve your complaint.An interest rate that is allowed to move up and down with the rest of the market or along with an index is called floating rate of interest. This contrasts with a fixed interest rate, in which the interest rate of a debt obligation stays constant for the duration of the agreement.Floating rates have a certain base rate called index and a floating element called spread. In simple words you may say that base rate is the minimum rate below which banks cannot give you loans and spread is your final rate of interest after adding some % to Base Rate. Base rate may be fixed for all customers. Hence your banks may use this tool to charge you more by modifying spread as there is no regulation on this.You can refinance your loan from any other bank if it is floating rate of interest.If you feel you are cheated you can always lodge a complaint with the District Consumer Forum. You can always look up the website IndianMoney.com for your home loan needs.
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