.gif "India Consumer Forum")
Complaint against LIC – Cheated with teaser interest rate
I had taken a housing loan loan from LIC Housing Finance Borivali West Branch (Loan Account number :- 950111490) in July 09 at 8.5% .however all of a sudden rates are increased to 10%. Every bank revises rates for floating rate customers but it is as per market standard and in a reasonable way. 150 basis points increase without informing has come as a shock to me ( I realised it now because I had asked for a statement to submit for tax purpose). None of the others banks have increased rates by 150 bps during this period. I had chosen LIC over SBI,Bank of Baroda because i was assured that loan rates are more reasonable for new and existing customers than the banks mentioned above and i trusted the company (LIC). But today when i compare, i find myself betrayed and at a big disadvantage . Today when I complain in the branch they tell it was a scheme and not a regular floating rate which was never informed to me earlier . Please advise how should i save myself from such high interest cost as it is a hard earned money. Increased rate costs more than additional 3200 per month as interest which is a big amount for us.
Scheme of 8.9 % fixed rate started just few days after I got my sanction letter but before the disbursement of my Loan. Please ask the bank to let me switch it to this scheme or reduce the pre-payment charge so that I can have it refinance from SBI, Bank of Baroda or IDBI. F
Hemang Danani Location: Lokhandwala Township, Kandivali East. Email: hemangdanani@gmail.comRelated posts:
