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REVISION IN RATE OF INTEREST-LOAN A/C NO.: 01105564 Lakshmi-Jain | Loans and Credit Cards | 1 Reply


I am Laxmi Jain with a running home loan from LIC housing Finance ltd with the Loan a/c no. 011055644 as mentioned above. I had taken this loan of 25L for 20years( 240 months). Now i have received a letter from you that as the interest rate is increasing you are revising loan period from 342 months to 570months. I want to clarify from you that when i had taken loan for 240 months, how come this changed to 342 months without any information to me. & how can you keep on increasing the time period without the consent of the debtor. You should atleast ask from us whether we want to increase the time period or we want to increase the installment. Without even asking you keep on increasing the time period. My initial time was for 20 years which you have increased upto 50 years,means i will keep on repaying this home loan for my whole life?? I want a clarification regarding this??

By IndianMoney Experts - 2013-Jun-27
Dear Lakshmi, Kindly contact LIC Housing Finance Ltd Customer care on toll free number at 022 2284 0052 in order to resolve your complaints.The present average age of home loan customers is 35 which does not allow banks to extend repayment period beyond 20 years.To extend loan repayment period to 30 years also gives banks the flexibility in the days of rising interest rates to offer extension of loan tenure keeping the same EMI for existing customers. the new scheme will reduce the burden of EMI in the initial period and encourage youngsters to opt for housing loans at an early age. The LIC has taken care of the long-term aspect of long term repayment in its assets-liability management planning so there will be no problem even if we don\'t have such long deposit tenures.the average age of the borrower for his company is around 34, so a 30-year loan would take it much beyond the retirement age of the borrower. Even in case of a borrower who is say around 28 years, most of the borrowers in this age group will find it difficult at this age to have enough savings to pay up their contribution to buy a house which would be a minimum of 20% of cost plus stamp duty and registration fees. And also basic furnishing and cost of white goods to make the house livable which itself could be another 10%.Therefore kindly address this issue to the concerned authorities.For any queries visit as it is India\'s only free on call money adviser.
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