I have availed a home loan from an MNC bank at an interest rate of 9%. They have revised rates of interest several time and current rate stands at 12.50%, since 1/8/08 ( previously it was 11.75%). Last year in August, they raised rates by 2% in one go and after lot of arguments and conversation, the rate was agreed at 10.25%. The requisite changes have still not been made. On asking the bank, I got to know that the executive who had made this commitment had no authority. I have written several times to several heads without receiving any response till date. All my EMI payments have been regular in spite of an increased interest rate. I have once again received yet another letter regarding revision of the interest rate, now to 12.50%-which is very high.
November 18th, 2008 at 7:39 pm
Oral communications has no meaning in the finance sector. So one needs to always take in writing from the concerned person. You can think of the option to shift to a lower interest giving company and pre pay the current loan.
November 18th, 2008 at 8:44 pm
This is an on going scenario now a days. Nothing we can do. For now if have to be patience and keep paying the EMI’S and don’t miss on it.Because if you miss single EMI’s your headache would increase more as more interest would be charged on the missed EMI.
November 19th, 2008 at 7:12 pm
I would suggest that you shoulc change your bank. You might get a better deal.
December 18th, 2008 at 2:10 pm
I think you can look for a public sector bank as they the have reduced the loan rates in the range of 100 to 150 basis points. Please look to shift your loan from your current bank to public sector bank.
December 18th, 2008 at 3:01 pm
this is so true I am facing a similar problem.