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MORE HOME LOAN INTEREST HAS BEEN DEDUCTED BY PNB Naresh-Kumar | Loans and Credit Cards | 1 Reply


PNB, Pune, Kothrud, has deducted much more interest on my home loan. I have complained to several time by phone conversion and emails, but have not yet got any response till date. It has been more than six months now. 1. There is huge difference on interest charged for the month of Nov2011 compared to previous months without any notice 2. When there was a constant Rate of Interest during Aug2011 to Jan2012, but the interest component kept on increasing whereas principal component was decreasing, why this is so?

By IndianMoney Experts - 2013-Jun-24
Dear Naresh, Kindly contact the Punjab National Bank Customer Care on Toll free number 1800 180 2222 in order to resolve your complaint. Home Loan Balance Transfer is a refinancing option to get the existing home loan in one bank transferred to another bank in order to avail the benefits of a lower interest rate.Even when the central bank has reduced policy rates in the past, many banks didn\'t pass on the benefit of lower rates to their existing borrowers. This is probably the only sector where existing customers are given a raw deal when compared to newer customers.In fact, they should be given loyalty rewards in the form of lower interest rates. Yet, banks continue with the discriminatory practice of wooing newer customers with lower rates, while keeping the rates for their existing borrowers unchanged.If you have noticed that your current bank, like many others, follows this pattern, you have to find an immediate way out. However, if you find the new bank you are going to shift to also follows a similar path, you need to rethink your decision. Before making the switch, however, attempt to negotiate with your current lender.There have been several instances where the banks have agreed to re-price the loan when the borrowers expressed their intention to shift to another lender. They could levy a \'conversion\' fee of 0.5-1% of the loan amount for re-pricing the loan. In case the difference between the new rates offered by your existing lender and the new lender is not huge, you could consider opting for the conversion route. It will help you avoid the paperwork involved in entering into a new home loan contract. Here the new lender will check our repayment history and it is necessary to keep the EMI statements handy. You can always look up the website for your home loan needs.
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