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No cut in interest rate on Home loans Prabhat-Kumar | Loans and Credit Cards

25
May
2013

I had availed SBI home loan in the month of November, 2008 for period of 15 years and opted flexible rate of interest. It is well known to you that with the passage of time all leading banks have curtailed interest rate on housing loan applicable to existent customers but SBI emphasised on to make new customer by offering lucrative rate of interest. However, no benefit is extended to the customer who availed loan prior to the launching of new schemes. SBI urges that due to high lending rate it is not possible to bank to give relaxation to the customers. The pleas of SBI appears meaningless as other banks are giving relaxation to their old customers. I really feel betrayed as I had opted flexible rate of interest but flexibility is deliberately seized by SBI. It may also be mentioned if the rate of interest goes on higher side whether there will be any impact on customers who were denied benefit of interest cut. I am sure that in that circumstances SBI will not forget to transfer burden on old customer by increasing rate of interest. Please think positively and extend benefit of interest cut to your old customer too.

By IndianMoney Experts - 2013-May-25
Dear Kumar, Please contact SBI Bank Customer care at 1800 11 22 11 in order to resolve your complaint..The argument of these banks is that since the cost of their funds that is deposits rates were high the loan rates charged for existing customers is high.For new customers the rates charged are lower as cost of deposits for banks is lower due to fall in the deposit rates.This is the banks argument.However existing customers have the balance transfer option where they can transfer the outstanding balance of their home loan to another bank which offers a lesser rate of interest.Always strike a hard bargain and take advantage of the lesser rates.You can read up on home loans from the website Indiabmoney.com.This is India\'s only free on call money adviser.
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increase of interest every year on home loan Rizwan-Farooqui | Loans and Credit Cards

17
May
2013

Hi, I took a home loan of Rs 12 Lacs from Indiabulls in Dec 2007, when I took it, it was given to me at 9% , and then every 6 months or so they increased the rate and now I got a revised rate of 19.5% , I want to know if I am regularly paying to NBFC then why they are increasing ROI and what is the upper limit set by RBI to charge a home loan customer ... is this arbitrary in the eyes of regulators that a new customer gets a home loan at rate 9 to 13% in an open market and a customer who is regularly paying his EMI is increased to double the rate he took it originally, and what does regulators are doing to stop these type of malfuctioning by NBFCs , what is the difference between money lenders at the time of British Raj and a free India NBFC ...? Both are free to charge customers at any rate of interest?.

By IndianMoney Experts - 2013-May-24
Dear Rizwank , Kindly contact the Indiabulls Home Loans Customer Care on 0124 4572444 in order to resolve your complaint. As you have read on the site RBI has directed not to levy charges for foreclosure of home loans on floating rate interest basis. As per the guidelines a fluctuating rate of interest is charged according to the prevailing rate of interest in the market and new borrowers gets the benefit to get interest at a lower rate than the existing ones. You can always look up the website IndianMoney.com for your home loan needs.
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Home Loans charging above current interest rate Gambhir-Pawan | Loans and Credit Cards

20
May
2013

I have taken Home loan from ICICI Housing Finance. Desided rates were floating rate of interest as per RBI norms. But after taking loan bank is charging atleast 1% to 2% extra every month over and above of their current rate of interest what they offer to their customers. It seems after getting loan we have no option except to pay. No law of land on them because the orgination is multinational. Please save me as well as other lakhs of customers from their hands. Hoping an early help

By IndianMoney Experts - 2013-May-24
Dear Pawan, Kindly contact the ICICI Customer Care on Toll free number 1800-22-4848 in order to resolve your complaint. According to the RBI norms they cannot charge you extra interest rate. You can refinance your loan from any other bank which charges a lower interest rate and there is no charge for the foreclosure of home loans taken on floating interest rate basis. You can always look up the website IndianMoney.com for your home loan needs. Indianmoney.com is India\'s only free on call money adviser.
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Increased the term of loan without informing Jindal | Loans and Credit Cards

20
May
2013

we have taken a Home Loan from ICICI Bank, for Rs 8,19,760/- @Effected Rate of interest 8%.Type of Interest was Floating.Loan Term(months) was for 240 months.@monthly EMI was calculated Rs 6857/- to buy a Buil-up Flat at Ramprastha Colony, P.O. Chander, Ghaziabad 201011, on 14th, July, 2005,EMI was calculated @ Rs 6857/- Loan A/c no: LBGHZ00001097583 This is total refrence for this loan, and so we have paid till date December 2009, aprox . 53 EMI, during this period the recession was there in the market. So, as per ICICI Bank they have increased the Rate of Interest 3-4 times during this period and so they increased a very handsome amount of EMI too, day before yesterday I visited the Bank branch Netaji Subhash Palace, and I came to know that the Bank has increased the Term of Loan from 240 to 335 with the EMI, means they increased Tenour and EMI too as well, and I have paid only a few amount and Rs 7,80,017/- is outstanding in my a/c, I was totally shocked to know this means I have paid nothing as the 282 EMI is Still pending besides the Amount to be paid as against the Loan taken, and what I have understood that whatever I have nearly 5,00,000/- Rs paid has no value. I had talked with them their officials but all was in ruin, and they have suggested an option as follows: 1. you take an insurance by filling an Agreement BOND in which they will charge me a monthly installment and will convert this Home Loan into a New Rate of Interest i.e. 8.25% and the Tenur will be 152 months. 2. they want me to deposit 1,00,000/- Rs and will continue for at least years to get this opportunity. I asked them that you could increase the amount of EMI only why you have increased the Tenur too and that is too this much, and now you are building pressure on me to invest and will reduce the EMI Amount and Tenur as well. was that recession so big that this amount with the Tenure has increased this much, I home and the will acquire this house and my hard earned money believe the fact that there is no difference in the past money lenders and this bank, and this will be continue with great grand children also and my loan amount they will be paying continuously, but the Loan principal will remain as it is and Chakraborty Interest will keep on and one day we will be without too. so my concern is cannot we stop the bank doing all this lootpat, and would request you to advice me how should I go against them and what and where I should go/contact to take neccessary action against their policies which they are refferring to. Kindly help as you can understand my problem/trouble. I also do not know weather their will be some guidance/help /reply from your side. I will request again to help me out.

By IndianMoney Experts - 2013-May-24
Dear Jindal, Kindly contact the ICICI Customer Care on Toll free number 1800-22-4848 in order to resolve your complaint. According to RBI floating interest rates are charged according to changes in the market interest rates whenever they change but they cannot change your tenure. This is the reason why fixed rates are made so that the tenure and even the interest remains the same over a period. You always have an option of refinancing your loan from any other bank and RBI has also directed banks not to levy charges for foreclosure of home loans taken on floating rate interest basis. If you can always file a complaint in District Consumer Forum to settle your complaint.Please look up the website IndianMoney.com in order to understand home loans.This is India\'s only free on call money adviser.
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13.25% Interest on ICICI Home loans for Existing Customers Pravin-Lords | Loans and Credit Cards

22
May
2013

I took a housing loan from ICICI in OCT 2006 with ROI 9% (LBPUN00001374420) ...Believe me I have paid only 4 installments with initially quoted RIO. I dont remember any rate changes from RBI apart from 0.5 basis point last to last month but RIO on my Home loan changed from existing 12% to 13.25%. It was 12% in Jan2011, 12.5% in feb, 12.75 % in March & now I have just checked its whopping 13.25% for April 2011. Is anybody from RBI listening? ..What kind of loot is this? Do we have somebody who is looking at these matters?

By IndianMoney Experts - 2013-May-24
Dear Pravin, Kindly contact the ICICI Customer Care on their Toll free number 1800-22-4848 in order to resolve your complaint. RBI sets interest rates but it is banks who decide how much interest they need to charge. Here we have the base rate by banks. That is the reason why every banks interest rate differs. If you feel that you are being charged interest rates heavily you always have an option to refinance the home loan from some other bank which charges lesser interest rates on your home loan . You can always look up the website IndianMoney.com for your home loan needs.
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increase of interest every year on home loan shabbu | Loans and Credit Cards

22
May
2013

I have taken home loan Rs565100/- from icici bank five years back keeping 240months istalments. EMI Rs5810/- paying by everymonth without inturption through icici bank account. When I saw the my load details the bank about Rs70,000/-taken as interest and Rs3000/- as principle amount for every year. Also instalments they increased from 240 to 400months. How it is possible. please help me in this regard.

By IndianMoney Experts - 2013-May-24
Dear Shabbu, Kindly contact the ICICI Customer Care on Toll free number 1800-22-4848 in order to resolve your complaint. If you feel that the bank has set up higher EMI\'s kindly go for home loan refinancing option with some other bank Always use well the bargaining chips that you have in hand. You can always look up the website IndianMoney.com for your home loan needs.
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not reduced home loans for existing customers SIVA-KUMAR-PENDURTI- | Loans and Credit Cards

22
May
2013

I have taken home loan @8.5 on 2006 from ICICI Bank. As of now i am paying @12.75.when ever RBI has increased the Rates immediately will increase the rates. When they decreased the rate.s, they won\\\'t decrease the rates for existing customers. What funda is going on. They are cheating with existing customers. Even we are sending so many mails to ICICI bank, we are not getting any response them.whom we have to approach. Please suggest to me to file case against ICICI BANK.

By IndianMoney Experts - 2013-May-24
Dear Siva, Kindly contact the ICICI Customer Care on Toll free number 1800-22-4848 in order to resolve your complaint. Siva you can say it is an unfair practice that the banks indulge in for existing customers but they have their own explanations as they say that the cost of borrowing for existing customers is high therefore they cannot pass on the benefit of reduced rate of interest to existing customers Hence they make the benefit available to new customers. This logic seems totally flawed. These banks and financial institutions do follow these unfair practices which they do in the guise of pricing of products which seems to be the natural right of these institutions in the absence of clear cut regulatory guidelines. Unfortunately we do not have any other optionbut to pay the interest charged by them .f you feel you are cheated you can always lodge a complaint in District Consumer Forum. You can always look up the website IndianMoney.com for your insurance needs.
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Home loans interest not at par that is published Arun-Kumar- | Loans and Credit Cards

23
May
2013

I have availed two plot loans from Centurian Bank of Punjab, Mysore 3 years back, the said bank has been taken over by HDFC Bank. While sanctioning the loans I have been given at market rate of interest rates and they also pushed me to AVIVA insurance policy offering further 0.5% on discount on interest. To nightmare I understood, that I have been sanctioned the loan under \'Business Category\' i/o Salaried person under NRI category, which I was never aware of. HDFC Bank is pushing me to provide fresh cheques and increased EMI etc., Currently I have been paying @ 13% though the market rates and again the rates from the same bank ranges between 8.75 ~ 9%. After checking with the bank the concerned sales person has made a mistake to get a quick sanction of the loan mentioned as Business Category, which is none of my mistake. Since this a part of Centurian Bank of Punjab loans, the HDFC Home Finance doesn’t support any of the queries and I need to rely on HDFC Bank for any queries and their response very poor...... Is there way can I get a solution to get charge at market rates or at par with the rates with HDFC Bank on housing loans? My loan number are 91184382 & 91104304

By IndianMoney Experts - 2013-May-24
Dear Arun, Kindly contact the HDFC Customer Care on Toll free number 011- 41115111 in order to resolve your complaint. You have the option of refinancing your home loan from other banks which can avail you better services at a cheaper rate of interest and there is no charge for foreclosure of your account. If you feel you are cheated by the bank then you can always lodge a complaint with the District Consumer Forum.You can always look up the website IndianMoney.com for your home loan needs.
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No cut in interest rate on Home loans for existing customers Prabhat-Kumar- | Loans and Credit Cards

23
May
2013

I had availed SBI home loan in the month of November, 2008 for period of 15 years and opted flexible rate of interest. It is well known to you that with the passage of time all leading banks have curtailed interest rate on housing loan applicable to existent customers but SBI emphasized on to make new customer by offering lucrative rate of interest. However, no benefit is extended to the customer who availed loan prior to the launching of new schemes. SBI urges that due to high lending rate it is not possible to bank to give relaxation to the customers. The pleas of SBI appears meaningless as other banks are giving relaxation to their old customers. I really feel betrayed as I had opted flexible rate of interest but flexibility is deliberately seized by SBI. It may also be mentioned if the rate of interest goes on higher side whether there will be any impact on customers who were denied benefit of interest cut. I am sure that in that circumstances SBI will not forget to transfer burden on old customer by increasing rate of interest. Please think positively and extend benefit of interest cut to your old customer too

By IndianMoney Experts - 2013-May-24
Dear Prabhat, Kindly contact the SBI Customer Care on their Toll free number 1800 11 22 11 in order to resolve your complaints. You can say it is an unfair practice that banks indulge in for existing customers but they have their own explanations as they say that the cost of borrowing for existing customers is high ,therefore they cannot pass on the benefit of reduced rate of interest to existing customers. Hence they make the benefit available to new customers. This logic seems totally flawed. These banks and financial institutions follow these unfair practices which they do in the guise of pricing of products which seems to be the natural right of these institutions in absence of clear cut regulatory guidelines. Unfortunately we do not have any other option than paying the interest charged by them If you feel you are cheated you can always lodge a complaint in the District Consumer Forum. You can always look up the website IndianMoney.com for your insurance needs.
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High rate of interest charged Sudha-Singh | Loans and Credit Cards

27
May
2013

Sir the rate of which by ICICI bank is 12.75% but the actual rate of interest is only 8.75%. After doing repeated complaint nobody is listening in this matter. Please do the needful. My Home loan account no.isLBKAN00000713535

By IndianMoney Experts - 2013-May-27
Dear Sudha, Kindly contact the ICICI Bank Customer Care on Toll free number 1800 333 499 in order to resolve your complaint.You have taken your loan on floating rate of interest and 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. Their is no cap on how much the spread should be on and above Base Rate. But charged spread rate need to be justifiable. Hence your banks may use this tool to charge you more by modifying spread as there is no regulation on this. However it has a drawback of uncertain monthly installments. Here spread cost covers risk costs, profits and bank charges. Existing customers do not get the benefit of reduced rate of interest and banks have their own explanations as they say that the cost of borrowing for existing customers is high therefore they cannot pass on the benefit of reduced rate of interest to existing customers hence they make the benefit available to new customers. 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 IndianMoney.com for your home loan needs.
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High rate of interest charged Charanjit-Singh-Saini | Loans and Credit Cards

27
May
2013

We have taken a home loan from ICICI bank in Mumbai 2006 . in that time bank charged rate of interest 9.00 p.a at floating . But when RBI increased interest rate time to time the bank also increased it . But now RBI interest rate going down than ICICI bank also going down own interest rate 13 to 11.5 . My question is that what is meaning of floating rates? The current rates far below around 9.00 %rates in many banks. Why ICICI is charging me 11.50 %in my opinion all of home loan customer of bank should be organized and strongly oppose and object to bank and government also pay attention because this is un justice with Indian people

By IndianMoney Experts - 2013-May-27
Dear Charanjit, Kindly contact the ICICI Bank Customer Care on Toll free number 1800 333 499 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. Their is no cap on how much the spread should be on and above Base Rate. But charged spread rate need to be justifiable. Hence your banks may use this tool to charge you more by modifying spread as there is no regulation on this. However it has a drawback of uncertain monthly installments. Here spread cost covers risk costs, profits and bank charges. Existing customers do not get the benefit of reduced rate of interest and banks have their own explanations as they say that the cost of borrowing for existing customers is high therefore they cannot pass on the benefit of reduced rate of interest to existing customers hence they make the benefit available to new customers. It is not something that only the ICICI Bank does but even other banks also indulge in the same practices. 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 IndianMoney.com for your home loan needs.
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HDFC charging 0.5% for reducing ROI for existing loan customers Raja | Loans and Credit Cards

29
May
2013

When all other banks are reducing the rate of interests, HDFC is moving very slowly. It seems they are not at all interested to reduce ROI. SBI has given a blow to HDFC by reducing its ROI. Existing loan customers of HDFC are thinking and shifting their loan to SBI. Now, HDFC is feeling the real heat. When existing customers approaced HDFC for asking to reduce their ROI, HDFC is asking them to pay 0.5% on the loan amount so they can change the ROI to 10.25%. When asked why to pay 0.5% as we are existing customers they say it as conversion charges. This is really ridiculous. Can\\\'t HDFC do the same without charging 0.5% for existing customers? HDFC only wants to earn good money, they don\\\'t follow any ethics. They will be on top whenever they get chance to increase ROI. We also heard that it increased precloser charges from 2% to 3% making existing customers to stick with them by paying high ROI to them. They don\\\'t even inform any customers about the latest updates. How would an existing customer will know that HDFC is offering to reducing ROI by charging 0.5% on loan amount? HDFC has to change their mindsets and also all the existing customers should fight with HDFC for a fair business.

By IndianMoney Experts - 2013-May-29
Dear Raja, Kindly contact the HDFC Bank Customer Care on Toll free number 18003453333 in order to resolve your complaint.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. Hence your banks may use this tool to charge you more by modifying spread as there is no regulation on this. However it has a drawback of uncertain monthly installments. Here spread cost covers risk costs, profits and bank charges. Existing customers do not get the benefit of reduced rate of interest and banks have their own explanations as they say that the cost of borrowing for existing customers is high therefore they cannot pass on the benefit of reduced rate of interest to existing customers hence they make the benefit available to new customers. Usually any banks do not avail any benefit to the existing customers. It can be new technique that HDFC is asking to pay 0.5% to get the benefit of low interest rate to the existing customers. It is not something that only the HDFC Bank does but even other banks also indulge in the same practices. 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. RBI has directed not to levy charges for foreclosure of home loans on floating rate interest basis, they cannot charge 2% to 3% on foreclosure.You can always refinance your loan from any other bank.If you feel you are cheated you can always lodge a complaint in the District Consumer Forum. You can always look up the website IndianMoney.com for your home loan needs.
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not reducing interest rates Ranjit-M | Loans and Credit Cards

01
Jun
2013

Hi, Four years back I has taken a home loan from ABN AMRO bank at the ten floating rate of 7.75%. The rate was supposed to be fixed for five years and after 5 years the floating rate prevailing at the time will be applicable. We hadn\'t done the full disbursement of the loan amount, and whenever the lending rates changed (read increased), a weighted average was applicable for us. Currently the weighted average interest rate for my loan is 10.42%. Recently there has been a series of reduction of lending rates by the RBI. But ABN AMRO bank is not passing on this advantage to us. They are giving various excuses like the loan is fixed for five years, etc. And when we questioned them on the weighted average rate that was being charged all these years they are now coming up with the excuse that they no longer have fixed loans so the reduction in rates is not applicable to us. Is there anybody else facing this similar issue? Can I complain to anybody about their misbehaviours? Please let me know.

By IndianMoney Experts - 2013-Jun-01
Dear Ranjit, Kindly contact the ABN AMRO Bank Customer Care on Toll free number 1800 11 2224 in order to resolve your complaint.An interest rate that is allowed to move up and down with the rest of the market or along with an index is called floating rate of interest. This contrasts with a fixed interest rate, in which the interest rate of a debt obligation stays constant for the duration of the agreement.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. Hence your banks may use this tool to charge you more by modifying spread as there is no regulation on this.You can refinance your loan from any other bank if it is floating rate of interest.If you feel you are cheated you can always lodge a complaint with the District Consumer Forum. You can always look up the website IndianMoney.com for your home loan needs.
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misguiding and misselling of product kamepalli | Loans and Credit Cards

04
Jun
2013

Hi, i went to velacherry branch to find good mutual funds in sip and savings, they gave me the bad insurance product and hide the maturity period
and same in mutual funds misguided me by hiding lockin period for every installment.
later I recognised and changed my insurance through insurance provides and went to same branch and asked to cancel my sip in mutual funds they gave me a form to cancel it after filling they said they will cancel in month but even after 3 months they didnt respond, no response from them again and again

please dont belive the bajaj finance

By IndianMoney Experts - 2013-Jun-04
Dear Kamepalli, Kindly contact Bajaj Finance Customer care on toll free number 1800 233 2453 in order to resolve your complaints.Read all the information before buying a policy. Mis selling is a rampant practice in insurance products. Always understand your insurance needs.Read the fine print carefully during the 15 day grace look in period. You can cancel the policy if not satisfied.Look before you leap. Don\'t buy that policy in a hurry.In case your funds are not received from the mutual fund sip you can lodge a complaint with the District Consumer Forum.For any queries please visit IndianMoney.com as it is India\'s only free on call money adviser.
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INTEREST RATE CHARGED EXTRA Anand | Loans and Credit Cards

04
Jun
2013

I have availed HDFC Home loan in the year 2008 , i was charged 8.25% . that was fixed for 2 years , after the fixed tenure they are charging 11.50%. i checked online and also other people they have been charged 10.50%.
Why i have been charged extra.

By IndianMoney Experts - 2013-Jun-04
Dear Anand, Kindly contact the HDFC Bank Customer Care on Toll free number 18003453333 in order to resolve your complaint. HDFC as per the dual home loan scheme, had offered new home loans at a fixed rate of 8.25% for the first three years ending March 31, 2013. Afterwards, the interest rate would be then adjusted to the prevailing floating rate. You have taken the loan on an scheme that was offered by the HDFC Bank. This offer was applicable for all the new home loan customers who apply for home loans before February 28 and take the disbursement before March 31. You can always look up the website IndianMoney.com for your home loan needs.
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Floating Interest Rate Charge @ 16.25% Ravindra-Bahadur-C--Singh | Loans and Credit Cards

06
Jun
2013

I have taken a Home loan from ICICI BANK Floating Base they hiked the interest rate day by day they have charged the Interest up to 16.5% P.A. currently they are charging 16.25% while they are giving the loan to new customers @10.25% to 10.50%. on what basis they charging such a higher rate from me (existing customer). I want my All money Back with interest, which they have charged extra from me during my tenure of loan. I will furnish the loan statement when you required in further communication.

By IndianMoney Experts - 2013-Jun-06
Dear Ravindra, Kindly contact the ICICI Bank Customer Care on Toll free number 1800-22-4848 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. Hence your banks may use this tool to charge you more by modifying spread as there is no regulation on this. However it has a drawback of uncertain monthly installments. Here spread cost covers risk costs, profits and bank charges. Existing customers do not get the benefit of reduced rate of interest and banks have their own explanations as they say that the cost of borrowing for existing customers is high therefore they cannot pass on the benefit of reduced rate of interest to existing customers hence they make the benefit available to new customers. 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.You can also refinance your loan from other bank where the interest rates are lesser . If you feel you are cheated you can always lodge a complaint in the District Consumer Forum. You can always look up the website IndianMoney.com for your home loan needs.
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CHARGE MORE INTREST TO MY HOME LOAN A/C -Kailash-Mehta- | Loans and Credit Cards

08
Jun
2013

I HAD GIVEN PROPOSAL FOR HOME LOAN ON NOV -DEC 2010 AND GOT SANCTIONED ON FEB 2011 UNDER THE BANKS TEASURE SCHEME WHICH WAS FIXED INTEREST RATE @ 8.5 % FOR FIRST 24 MONTHS & 1% EXTRA FOR NEXT 12 MONTH & THERE AFTER AS PER THE MARKET RATE BUT BANK HAS CHARGE ME AS PER THE MARKET RATE THE MISTAKE WAS ACCEPTED BY THE BANK AND TOLD ME THE DIFFRENCE WILL BE CREDITED TO MY A/C IN THE PERIOD BETWEEN THE CONCERN OFFICER WAS BEING TRANSFER AND THE NEW OFFICER ALSO ACCEPT THE COMPLAINT TILL 01 FEB THE OFFICER KEPT TELLING ME THAT THE AMOUNT WILL BE CREDITED BUT 02 FEB HE REFUSED ME. SO PLEASE GUDE ME WHAT SHOULD I DO?

By IndianMoney Experts - 2013-Jun-10
Dear Kailash, Kindly contact the State bank of India Customer Care on their Toll free number 18004253800 in order to resolve your complaint. RBI sets interest rates but it is banks who decide how much interest they need to charge.Under fixed rate of interest, interest charged is invariable throughout the loan period. But this will come at a cost. Interest rates on fixed home loans are higher than those on floating home loans. Sure you get the certainty that home loan rates will not rise but you end up paying more for it. The interest rate on a fixed home loan is around 1% - 1.25% higher than that for a flexible home loan.. If you feel that you are being charged interest rates heavily you always have an option to refinance the home loan from some other bank which charges lesser interest rates on your home loan . You can always look up the website IndianMoney.com for your home loan needs.
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High ROI for existing customer S-K-Kohli | Loans and Credit Cards

10
Jun
2013

Now ICICI home loan ROI is 8.5 % & for existing customer 13.25 % why. our loan is floating type. what is floating? so many time increasing the ROI, but when decreasing ROI, there is no benifit given to customer why? This is cheating only.

By IndianMoney Experts - 2013-Jun-10
Dear Kohli, Kindly contact the ICICI Bank Customer Care on Toll free number 1800-22-2020 in order to resolve your complaint.Existing customers do not get the benefit of reduced rate of interest and banks have their own explanations as they say that the cost of borrowing for existing customers is high therefore they cannot pass on the benefit of reduced rate of interest to existing customers hence they make the benefit available to new customers only.. It is not something that only the ICICI Bank does but even other banks also indulge in the same practices. 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 option. A floating interest rate, also known as a variable or adjustable rate, refers to any type of debt instrument, such as a loan, bond, mortgage, or credit, that does not have a fixed rate of interest over the life of the instrument. 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. RBI has directed not to levy charges for foreclosure of home loans on floating rate interest basis, they cannot charge 2% to 3% on foreclosure. You can always refinance your loan from any other bank.If you feel you are cheated you can always lodge a complaint with the District Consumer Forum. You can always look up the website IndianMoney.com for your home loan needs as it is India\'s only free on call money adviser.
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EXCESSIVE CHARGING OF INTEREST Ashok-Kapoor | Loans and Credit Cards

11
Jun
2013

FROM THE FRIENDLY AND COOPERATIVE STAFF OF SBOP BATALA. I OBTAINED AN HBL RS.310000/- ON 14-12-204 UNDER A/C NO.55045463174 FOR PURCHASE OF A BUILT UP HOUSE IN BATALA .THEN RATE OF INTEREST WAS ABOUT @7.50% P.A. INTEREST RATE.REGULARLY WENT ON STEEP HIKE NEARLY 13%PA.AT PRESENT. FINDING MY SELF HELPLESS TO AVOID FROM HIGHEST INTEREST RATE,I USED TO CLEAR MAXIMUM OUTSTANDING BALANCE BY REPAYING. MUCH MORE AMOUNTS AS RS 86000/-,45000/- ETC.IN PLACE OF REPAYMENT OF FIXED EMI OF @3425/-.REPAYMENT TERM OF LOAN WAS FOR UP TO 2016.BUT I HAVE REPAID MAXIMUM O/S LOAN,NOW THE BALANCE IS APPROX .RS 21000/- IN 2009-10 SBOP LAUNCHED AN HBL SCHEME WITH INTEREST RATE OF RS.8%WHERE THEN AS INTEREST RATE WAS CHARGED FROM ME @11.75% FOR UPDATION AND RENOVATION OF MY ABOVE HOUSE,I GOT CONSENT OF LOAN OFFICER IN MAY-2010.I PREPARED ESTIMATE AND VALUATION ETC FROM THE BANK\'S AUTHORISED VALUER/ARCHITECTURE.IN SPITE OF MY PRODUCTION OF REQUIRED PAPERS THEN LOAN OFFICER REFUSED TO GIVE ME LOAN,IN SPITE OF MY GOOD AND DEFAULT LESS REPAYMENT RECORD.AS THE CONSEQUENCES OF REFUSAL OF LOAN BY LOAN OFFICER I HAVE TO TAKE PERSONAL LOAN FROM HDFC BANK @19% UNDER A/C NO.16556828.. AS A CONSUMER MY QUESTION IS THAT IF THE SB PATIALA WAS GIVING FRESH HB LOAN @8% IN 2009.2010 THEN WHY IT WAS CHARGING @11.75% FROM ME AND PRESENTLY FRESH INTEREST RATE IS NEARLY 10% WHY EXISTING CONSUMERS ARE BEING CHARGED @13.75% WHY RATE OF INTEREST IS NOT REDUCED FROM OLD CONSUMERS TIME TO TIME. NOW I WANT TO GET RS. 10 LAC AS FRESH HBL BEING VERY MUCH ELIGIBLE AS I AM GETTING GROSS SALARY OF RS.510000/PM AND ABOUT 39000/-PM AS HOME CARRYING PAY,AND MY GOOD REPAYMENT RECORD EVEN THEN I AM UNABLE TO GET THE SAME FROM THE STAFF OF YOUR LOAN DEPARTMENT SO I AM TRYING ELSEWHERE FOR THE SAME .PLEASE REVERT BACK THE EXCESS INTEREST CHARGED FROM MY LOAN A/C SINCE DEC 2004 ONWARD SO THAT YOUR O/SLOAN MAY BE TAKEN OVER. FROM SOME OTHER BANK. THANKING YOU. ASHOK KAPOOR CIA STAFF ROAD BATALA 143505

By IndianMoney Experts - 2013-Jun-11
Dear Ashok, Kindly contact the State Bank Customer Care on Toll free number 1800-425-3800 in order to resolve your complaint.Existing customers do not get the benefit of reduced rate of interest and banks have their own explanations as they say that the cost of borrowing for existing customers is high therefore they cannot pass on the benefit of reduced rate of interest to existing customers hence they make the benefit available to new customers.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. Hence your banks may use this tool to charge you more by modifying spread as there is no regulation on this. However it has a drawback of uncertain monthly installments. Here spread cost covers risk costs, profits and bank charges . Usually banks do not avail cheaper interest rate benefit to the existing customer. It is not something that only the State Bank does but even other banks also indulge in the same practices. 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. RBI has directed banks not to levy charges for foreclosure of home loans on floating rate interest basis, they cannot charge 2% to 3% on foreclosure.You can always refinance your loan from any other bank.If you feel you are cheated you can always lodge a complaint with the District Consumer Forum.You can always look up the website IndianMoney.com for your home loan needs as it is India\'s only free on call money adviser
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HIGHER INTEREST CHARGE THAN TABLE ---Anil-Ojha | Loans and Credit Cards

12
Jun
2013

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 IndianMoney.com for your home loan needs. This is India\'s only free on call money adviser.
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NOT REDUCING FLOATING INTEREST RATES Ravi- | Loans and Credit Cards

13
Jun
2013

I have taken home loan from ICICI in 2006 for 7.25% interest rate. From past 1 year i am paying 11.25% interest rate but when we compare with other banks from past 6 months they are offering 8.5 - 8.75%. When i asked the ICICI folks that as the other banks are charging only 8.75 why you are not reducing my floating rate from 11.25 to 8.75? They responded that some amount would be charged to reduce the floating rate. I asked while increasing you are immediately changing the interest but when comes to reducing the interest rates you are not ready to do that. And even they were saying that we are saying that this option is available when the customers are visiting to our branches. I think the interest rates should be made consistent in maintaining standard across all the banks.

By IndianMoney Experts - 2013-Jun-13
Dear Ravi, Kindly contact the ICICI bank Customer Care on Toll free number in order to 1800-22-4848 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. RBI has been taking steps from time to time to address the concerns of the borrowers regarding banks not readily passing on the benefit of rate reduction to them. It has been observed that banks tend to promptly raise the interest rates. However, they are often reluctant to reduce them for the existing borrowers while at the same time wooing new customers with lower rates.If you feel you are cheated you can always lodge a complaint with the District Consumer Forum. You can always look up the website IndianMoney.com for your home loan needs as it is India\\\'s only free on call money adviser.
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ICICI BANK HOME LOAN Rupa | Loans and Credit Cards

21
Jun
2013

ICICI BANK PRESENTED EMI CHEQUES FOR THE SAME MONTH ONE FOR 42k AND THE OTHER FOR 36K, IT HAS BEEN MORE THAN MONTH THEY HAVE NOT REFUNDED MY EXCESS AMOUNT. WHEN CALLED THE PHONE BANKING ONE MISS MONICA AND MR PAUL SAID THEY CAN ONLY PROCESS THIS REQUEST AFTER A WEEK AND ASKED ME TO CALL UP AGAIN AFTER 7 DAYS. WHERE IS MY MONEY? I NEED THIS WITH INTEREST BANK HAS THIS MONEY FOR A MONTH AND NOT REFUNDED I DEMAND INTEREST FOR THE SAME PERIOD.

By IndianMoney Experts - 2013-Jun-21
Dear Rupa, Kindly contact the ICICI Bank Customer Care on Toll free number 1800 333 499 in order to resolve your complaint.The argument of these banks is that since the cost of their funds that is deposits rates were high the loan rates charged for existing customers is high.For new customers the rates charged are lower as cost of deposits for banks is lower due to fall in the deposit rates.This is the banks argument.However existing customers have the balance transfer option where they can transfer the outstanding balance of their home loan to another bank which offers a lesser rate of interest.Always strike a hard bargain and take advantage of the lesser rates. These banks and financial institutions do follow these unfair practices which they do in the guise of pricing of products which seems to be the natural right of these institutions in the absence of clear cut regulatory guidelines. Unfortunately we do not have any other option but to pay the interest charged by them. If you feel you are cheated you can always lodge a complaint with the District Consumer Forum. You can always look up the website IndianMoney.com for your insurance needs.
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Penalty imposed on account No. 63016264232 Jitendra-Mishra | Loans and Credit Cards

22
Jun
2013

I have taken plot loan to construct house only but due to delay in project timelines and relocation of actual plot position later by OMAXE authorities, I could not start the construction of plot. To prove that attaching letter received from OMAXE city recently on 16-Mar-2013 stating that registration of plot has started now only. RACPC SBI indore branch has imposed a penalty of Rs. 119036 on account No. 63016264232 harassing your valued customer.

By IndianMoney Experts - 2013-Jun-24
Dear Jitendra, It is very sad that the developers have gone back on their word and promise.There is a bill that has been passed by the government which would help you to get an insight of your problem.With the Union Cabinet approving the Real Estate (Regulation and Development) Bill, the country\'s highly unregulated and unorganized real estate sector moves a step closer towards greater transparency and compliance. The Bill, which looks at the residential market, seeks to create a central regulatory authority at various state levels authorities for the real estate market in a bid to protect buyer interests by providing a uniform regulatory framework. The Bill seeks to prevent developers from putting out misleading advertisements; ensure that they don\'t market projects unless necessary approvals are in place; and direct developers to declare a time frame for developing projects. The Bill also seeks to impose monetary penalties on the developer for project delays, with repeat offences liable for a jail term.It is a pro-buyer bill. You go to any house and you will get some complaints against the developer. There is lot of difference in what they promise and what they deliver. But monetary penalties on the developer for delays, with repeat offences liable for a jail term is a welcome step and will bring control over builders lobby.You can always look up the website IndianMoney.com for your real estate needs. This is India\'s only free on call money adviser.
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MORE HOME LOAN INTEREST HAS BEEN DEDUCTED BY PNB Naresh-Kumar | Loans and Credit Cards

24
Jun
2013

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 IndianMoney.com for your home loan needs.
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REVISION IN RATE OF INTEREST-LOAN A/C NO.: 01105564 Lakshmi-Jain | Loans and Credit Cards

27
Jun
2013

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 IndianMoney.com as it is India\'s only free on call money adviser.
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