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home loan Mr-sangeet-lakkar | Loans and Credit Cards | 1 Reply


We had availed home loan from HDFC, Andheri East Mumbai branch in September 2008.of Rs.3, 600, 000.(Rs. Thirty Six Lacs) on FLOATING RATE of interest. However, it is shocking to learn that the current rate of interest applicable to me is 11.25 % p.a. which is much above the market rate of interest of 8 % - 8.5 % charged by other banks (SBI – 8 %, Canara bank – 8.25 %, Bank of Maharashtra 8.5%) (copies of evidence enclosed). Even home loan offered to new customers in HDFC is charged at 9.25 %. This is nothing but a white collar robbery as the ultimate objective of taking a floating rate of interest gets utterly defeated.2. Outcome of personal meeting with the branch manager Ms. Philomena Raisingani (Andheri East) was shocking, she candidly advised that I can reduce the rate by0.25 %, however for which the conversion fees would be 0.50 %.3.We draw your kind attention to the fact that at the time of loan sanction / disbursement, during the course of about half-dozen meetings we had with bank\'s concerned officers, we were not told that “floating / flexible” rate of interest are meant only for upward revisions & not adjusted for downward current market rate of interest.4.When all leading banks are giving home loan at 8 to 9% HDFC continue to charge a whopping 11.25% and in particular, when we have opted for “flexible” rate. Flexible rate of interest has to be adjusted to current market rate (whether upward or downward).5.The marketing gimmick to attract customers are unjust, unfair, unwarranted, misleading, to explain, we were told (mentioned in the loan agreement as well) by very senior & responsible office that about the prepayment charges being 2% of the loan prepaid. Now, it seems the same has been increased to 3%. In this free regime of Economy, how can anyone stop people to shift other banks on better terms & services.

By IndianMoney Experts - 2013-Jul-13
Dear.Mr.Sangeet lakkar, Please contact the toll free number of HDFC bank at 1800-102-3333 in order to resolve your complaint.The common problems that come under home loans are many of the home loan applications do not pass even the first test. They are outrightly rejected due to incompatibility between the borrowers qualifications and lenders requirements,With every application form for home loans, banks require about 0.25% to 1% of the loan amount to be submitted as the processing fees. This processing fees is generally not refundable.The loan amount sanctioned is based mostly on the repayment capacity of the borrower. Many things come into play when the bank decides how much home loan a person can get. The monthly income, financial history, other unpaid loans with the borrower, past repayment records, credit card usage history if any, bounced cheques, average balance with the banks, continuity in present employment, total years in employment, nature of employment etc,Whether to go in for a fixed rate or floating rate interest for home loans is a dilemma which almost every home loan borrower faces. Even after deciding on a particular loan regime, the home loan terms and conditions, fine print can create havoc with your interest rates.If you wish to know more about home loans please contact which is India\'s only free on call money adviser..
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