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HIGHER INTEREST CHARGE THAN TABLE ---Anil-Ojha | Loans and Credit Cards | 1 Reply


I have taken Home Loan from SBI Ganges Garden Branch in July\'2005 of Rs. 3.25 Lacs on floating basis vide A/c No 30009447151. Almost loan amount is being paid only about Rs.1.15 Lacs of principle is remaining but it is surprising to see that interest rate is became higher & higher day by day. When I taken home loan it was 8.50% but now it is 12.75%.12.75% interest rate is not justify with any table chart of SBI HOME loan. HOME LOANS - INTEREST RATES All Rate are floating only (Base Rate= 10.00% p.a.) Loan Amount Linkage with Base Rate over the tenor of the loan Effective Rate Up to Rs. 30.00 lacs 0.75% above Base Rate 10.75% p.a.* Above Rs. 30.00 lacs and upto Rs. 75.00 lacs 1.00% above Base Rate 11.00% p.a.* Above Rs. 75.00 lacs 1.25% above Base Rate 11.25% p.a.*

By IndianMoney Experts - 2013-Jun-12
Dear Ajit, Kindly contact the SBI bank. Customer Care on Toll free number 1800-233-7933 in order to resolve your complaint. Floating Rate of interest means an interest rate that is allowed to move up and down with the rest of the market or along with an index. 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. However it has a drawback of uncertain monthly installment. Here spread cost covers risk costs, profits and bank charges. 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. 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 home loan needs. This is India\'s only free on call money adviser.
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