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home loan Mr-shiyam-hussain | Loans and Credit Cards | 1 Reply

18
Jul
2013

I have an home loan from HDFC since 2003 on a floating rate of interest basis. When ever I request a statement on my home loan, they send only the amount I paid till date. Recently I asked them to send a total break up of loan with the balance of principal amount to pay. On receiving such a statement, I was shocked to note that I have to pay a lot more than what have been initially planned for the 60 months loan period. In short HDFC increased the interest rate without ever intimating us. Since the EMIs kept at the same rate we never realised the impact of increase in interest. In order to complete with market, HDFC offered lower interest rate to the new customers by naming it as special interest rate thereby denying its old customers with the same rate of interest offered to its new customers. In the absence of notification for the hike in interest rate, the customers are denied the chance of looking for alternative cheaper loans. Also by offering lower rate of interest by way of special offer to new customers and at the same time charging higher rate from the existing customers, its clear case of cheating.

By IndianMoney Experts - 2013-Jul-19
Dear, Mr-Shiyam Hussain , Please contact the toll free number of the HDFC Bank at 1800227227 in order to resolve your complaints.The common problems that come under home loans are the loan amount sanctioned is based mostly on repayment capacity of the borrower. Many things come into picture, 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 record, credit card usage history if any, bounced checks, average balance with the banks, continuity in present employment, total years in employment, nature of employment and so on.Whether to go 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 condition fine prints can create havoc with your interest rates,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,Strange but true, many of the home loan applications do not pass even the first test. They are out rightly rejected due to incompatibility between the borrowers qualifications and lenders requirements. It could be the age criteria, income criteria, proper documents not being submitted, the bank not being able to verify your details properly, not passing the field investigations conducted by the bank and much more.If you want to know more about home loans please contact IndianMoney.com which is India\'s only free on-call money adviser.
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