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EXCESSIVE CHARGING OF INTEREST Ashok-Kapoor | Loans and Credit Cards | 1 Reply

11
Jun
2013

FROM THE FRIENDLY AND COOPERATIVE STAFF OF SBOP BATALA. I OBTAINED AN HBL RS.310000/- ON 14-12-204 UNDER A/C NO.55045463174 FOR PURCHASE OF A BUILT UP HOUSE IN BATALA .THEN RATE OF INTEREST WAS ABOUT @7.50% P.A. INTEREST RATE.REGULARLY WENT ON STEEP HIKE NEARLY 13%PA.AT PRESENT. FINDING MY SELF HELPLESS TO AVOID FROM HIGHEST INTEREST RATE,I USED TO CLEAR MAXIMUM OUTSTANDING BALANCE BY REPAYING. MUCH MORE AMOUNTS AS RS 86000/-,45000/- ETC.IN PLACE OF REPAYMENT OF FIXED EMI OF @3425/-.REPAYMENT TERM OF LOAN WAS FOR UP TO 2016.BUT I HAVE REPAID MAXIMUM O/S LOAN,NOW THE BALANCE IS APPROX .RS 21000/- IN 2009-10 SBOP LAUNCHED AN HBL SCHEME WITH INTEREST RATE OF RS.8%WHERE THEN AS INTEREST RATE WAS CHARGED FROM ME @11.75% FOR UPDATION AND RENOVATION OF MY ABOVE HOUSE,I GOT CONSENT OF LOAN OFFICER IN MAY-2010.I PREPARED ESTIMATE AND VALUATION ETC FROM THE BANK\'S AUTHORISED VALUER/ARCHITECTURE.IN SPITE OF MY PRODUCTION OF REQUIRED PAPERS THEN LOAN OFFICER REFUSED TO GIVE ME LOAN,IN SPITE OF MY GOOD AND DEFAULT LESS REPAYMENT RECORD.AS THE CONSEQUENCES OF REFUSAL OF LOAN BY LOAN OFFICER I HAVE TO TAKE PERSONAL LOAN FROM HDFC BANK @19% UNDER A/C NO.16556828.. AS A CONSUMER MY QUESTION IS THAT IF THE SB PATIALA WAS GIVING FRESH HB LOAN @8% IN 2009.2010 THEN WHY IT WAS CHARGING @11.75% FROM ME AND PRESENTLY FRESH INTEREST RATE IS NEARLY 10% WHY EXISTING CONSUMERS ARE BEING CHARGED @13.75% WHY RATE OF INTEREST IS NOT REDUCED FROM OLD CONSUMERS TIME TO TIME. NOW I WANT TO GET RS. 10 LAC AS FRESH HBL BEING VERY MUCH ELIGIBLE AS I AM GETTING GROSS SALARY OF RS.510000/PM AND ABOUT 39000/-PM AS HOME CARRYING PAY,AND MY GOOD REPAYMENT RECORD EVEN THEN I AM UNABLE TO GET THE SAME FROM THE STAFF OF YOUR LOAN DEPARTMENT SO I AM TRYING ELSEWHERE FOR THE SAME .PLEASE REVERT BACK THE EXCESS INTEREST CHARGED FROM MY LOAN A/C SINCE DEC 2004 ONWARD SO THAT YOUR O/SLOAN MAY BE TAKEN OVER. FROM SOME OTHER BANK. THANKING YOU. ASHOK KAPOOR CIA STAFF ROAD BATALA 143505

By IndianMoney Experts - 2013-Jun-11
Dear Ashok, Kindly contact the State Bank Customer Care on Toll free number 1800-425-3800 in order to resolve your complaint.Existing customers do not get the benefit of reduced rate of interest and banks 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.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. But remember that you may end up either paying high interest rate or low interest rate based on the spread the bank charges to each individual. There is no cap on how much the spread should be on and above Base Rate. But charged spread rate need to be justifiable. Hence your banks may use this tool to charge you more by modifying spread as there is no regulation on this. However it has a drawback of uncertain monthly installments. Here spread cost covers risk costs, profits and bank charges . Usually banks do not avail cheaper interest rate benefit to the existing customer. It is not something that only the State Bank does but even other banks also indulge in the same practices. This logic seems totally flawed. Unfortunately we do not have any other option but to pay the interest rate charged by them or a better option would be to take up the fixed interest rate. RBI has directed banks not to levy charges for foreclosure of home loans on floating rate interest basis, they cannot charge 2% to 3% on foreclosure.You can always refinance your loan from any other bank.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 as it is India\'s only free on call money adviser
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