Follow us
Log in        Register
     
 

Axis Bank Power Home Loan - CHEATED BY THE BANK

 
3 Reviews
User
  Complainant3500850
Dear Sir,

Ref : My Home Loan Sanction Approval No. 142637 Dt.16-09-2008


With refer to my housing loan agreement No. PH 0420100098532 -, with AXIS BANK, MALL ROAD, LUDHIANA

My housing loan was sanctioned on 16-09-2008 with interest rate being 2.75% less than the MRR as per my Power Home Sancton Letter . At that time bank MRR is 14.25% as per my sanction Housing loan documents Rate of interest charged to me is 11.5 % (14.25 %- 2.75 % ).
In Loan Sanction Letter it is clearly mention that
Interest rate type ==== Floating Rate Linked with Bank MRR .
At the time of disbursment bank provide me loan at 11.5% ( 14.25-2.75=11.5 %). At present bank MRR is reduced to 13.00 which means my interest should be 10.25 % (13.00 - 2.75 ), reduced to that extend . But bank have not reduce my interest rate till date.

When I contact your bank, You Bank simply reduce the interest rate from 11.5 % to 11.25 % ( just 0.25 % to make me happy ) whereas your MRR reduced by 1..25 % ( from 14.25 % to 12.5 %)
It the responsibility of the bank to reduce the interest rates charged if the MRR reduced . I feel that I was cheated by the AXIS BANK LTD .

My mobile No. is 9316917308 My email address is v_somani@yahoo.com
Complaint comments 2 Comments     Updated:
Resolve this Complaint  

Comments

 
AXIS BANK HOME LOAN - TAKE IT AND GET CHEATED ALL THE WAY !!!


Since disbursement of loan in Nov 2006 the undersigned had been requesting the bank for the working out of the loan account in excel sheet – ie the calculation of interest etc so that I could follow / track the account, to this effect I have even called Mr Ramesh the previous RAC head at Pune TILL DATE THE EXACT METHOD OF CALCULATION HAS NOT BEEN GIVEN BY THE BANK!!

Also I had been regularly calling the bank in general and Mr Ramesh n Ajit in particular for the information on change in the ROI – but till date there has been no correspondence to that effect. The bank is supposed to inform the client about the revision of the ROI especially if it is a upward revision and give an option of revising the EMI to maintain the tenure same. During the visit when checked the system showed that NO LETTER TO THIS EFFECT WAS SENT TO ME. This in effect has cost me a recurring loss!!!

The other issue is that of rounding off of decimals – all good banking rules say upto and inclusive of 0.50 is rounded off to the lower and from 0.51 upwards to the higher. That is the rule AXIS bank follows for the savings and current accounts too – so HOME LOAN is no different. You can't tell me that it is the RBI policy – if so please send me the extract of the policy or guideline – RTI.

Imagine the quantum if you consider all the loan accounts the bank has.

Then THE BANK HAS a policy that if the 5th of the month is a holiday – THEN THE BANK will work the account on the 6th or the 7th and charge interest on interest for the difference of days – again THEY claim it is the RBI policy and Bank rules - the issue here is that if a particular day is a holiday – or if there is a delay in the clearing house – does the customer have to suffer – a policy issue !!

As has been categorically told to me by your staff and is evident from the calculations as also from the printout given by your bank – [though initially your staff were not sure themselves] the interest is calculated on the number of days in the month [interest * number of days in a month / number of days in a year]. 2008 being a leap year your bank has calculated the interest for the month of February for 29 days, but……….. the denominator which also has to change to 366 instead of 365 has not been done – this suits the bank as it collects interest for one extra day – this procedure has been confirmed by an email sent to me from your bank. This amounts to about Rs 480 odd in my case! Imagine the quantum if you consider all the loan accounts the bank has.

Lastly, despite all this or rather without giving due cognisance to all these issues – there is a difference of about Rs 90 odd even now- which remains unexplained!! What perturbs me most is the fact that not a single soul in the whole RAC Pune could explain the way the loan account functions the way the interest is calculated etc.

Besides – while speaking to Mr Gupta he repeatedly mentioned that he was trying to help me [more then he should be doing]– but then I thought that was the basic duty of the bank staff towards their customers – and this is more of clarifications then help being rendered. The mail sent by the bank on the 5th of March is more like – these are the ways of our bank – please lump it – you cant leave though!!! The last statement could be corroborated with the reaction of Mr Gupta when I told him that I would have no choice but to take remedial measures – to which he said "Please go ahead – our legal department will deal with it."
 
TAKE HOME LOAN FROM AXIS BANK AND " GHUM TE REH JAO GE ON THE AXIS "

WE HAVE UNFORTUNATELY TAKEN A HOME LOAN FROM THE AXIS BANK WAY BACK IN SEP / OCT 2006. HOME LOAN ACCOUNT NO 245010600619691

WE HAVE A NUMBER OF OUTSTANDING ISSUES REGARDING MY HOME LOAN WHICH I HAVE ASKED THE BANK FOR REDRESS THROUGH PERSONAL REPRESENTATION IN THE OFFICE OF MR MANISH GUPTA, AXIS BANK [HOME LOAN DEPT], BHANDARKAR ROAD, PUNE IN DEC 2007 AND THROUGH REPEATED EMAILS TO - AXIS RAC <Customercare.Racpune@axisbank.com>; ANIL DIGHE <anil.dighe@axisbank.com>; Manish.Gupta@axisbank.com; SINCE THE EARLY 2008. TILL DATE NO RESPONSE HAS BEEN FORTHCOMING !

THE ISSUES ARE ENUMERATED BELOW

NO RESPONSE FROM AXIS BANK, HOME LOAN DEPARTMENT, ON THE ISSUE OF : -

A> WRONG CALCULATION OF INTEREST ON HOME LOAN - THE CALCULATION SPREAD SHEET WAS GIVEN BY ME ON TWO OCCASIONS TO MR MANISH GUPTA - I PERSONALLY LOADED ON HIS COMPUTER ONCE.

B> WRONGLY ROUNDING OFF OF DECIMAL PLACES AND CLAIMING IT TO BE A RBI DIRECTIVE. THE COPY OF THE DIRECTIVES WAS REQUESTED - BUT TILL DATE THAT HAS NOT BEEN GIVEN.
AND THE SAME ISSUE WAS CHECKED WITH THE AXIS BANK [SAVINGS BANK ] - WHO AGREED WITH MY CASE.

C> NOT INFORMING AT ALL OF THE CHANGE OF RATE OF INTEREST - HENCE DEPRIVING ME [THE CUSTOMER] OF THE CHANCE TO CHANGE / REVISE MY [HIS] EMI AND HENCE MAINTAIN THE TENURE OF LOAN - HENCE CAUSING A LOSS

D> THE INTEREST FOR A LEAP YEAR IS CALCULATED FOR 366 DAYS BUT IN THE FORMULA THE WHILE CALCULATING INTEREST FOR ONE DAY IT IS DIVIDED BY 365 DAYS - IN EFFECT THEY TAKE A DAYS INTEREST EXTRA. THE AMOUNT OF GAIN IS COLOSSAL / HUGE - CONSIDERING THE NUMBER OF PEOPLE EFFECTED.

E> CLAIMING THAT THE CORRECT ADDRESS WAS NOT AVAILABLE WHEN THE SAME WAS GIVEN AT THE TIME OF APPLYING FOR THE LOAN AND SUBSEQUENTLY THE REVISED COMMUNICATION ADDRESS WAS PROVIDED ALONG WITH MOBILE NOS AND LANDLINE NOS.

F> CLAIM BY MR MANISH GUPTA THAT - THE BANK CANNOT AND WILL NOT RESOLVE THE ISSUE AND THAT I [THE CUSTOMER] CAN KEEP TRYING TO FIGHT IT OUT, THE BANK HAS THEIR LAWYERS TO DEFEND AND FIGHT FOR THEM

G> LASTLY - NOT CARRYING OUT DOWN WARD REVISION OF ROI AND MAINTAINING A HIGHER ROI, WHICH IS AGAINST WHAT WAS TOLD AND DISCUSSED WITH ME WHEN THE LOAN WAS SOLD TO ME, THAT THE MARKET RATE OF INTEREST WOULD BE MAINTAINED, BOTH WAYS. IT IS PERTINENT TO MENTION THAT ALL UPWARD REVISIONS WERE VERY PROMPT - THAT TOO WITHOUT EVEN INFORMING ME.


H> I HAVE EVEN REPRESENTED MY CASE TO MR ANIL DIGHE WHO IS SUPPOSED TO BE IN CHARGE OF THE HOME LOAN DEPT AT THE AXIS BANK H/O, ALSO REPEATEDLY ASKED HIM FOR THE MOBILE NO AND EMAIL ID OF THE GENERAL MANAGER IN CHARGE - BUT TO NO AVAIL!

THESE ISSUES HAVE CAUSED ME IMMENSE HARDSHIP DUE FREQUENT AND REGULAR VISITS TO THE BANK BY MY WIFE AND CONSTANT MENTAL AGONY WHICH DOES AFFECT MY WORK ESPECIALLY AS A DEFENCE PILOT, BESIDES LOSS IN TERMS OF MONEY ON TWO COUNTS - EXCESS INTEREST AND LOSS DUE TO FREQUENT VISITS AND PHONE CALLS.


I PRAY THAT THE BANK BE ASKED TO RESOLVE THE OUTSTANDING ISSUES AT THE EARLIEST AND THE BANK BE ASKED TO COMPENSATE DUE TO - THE LAXITY AND IRRESPONSIBLE BEHAVIOUR SHOWN BESIDES CAUSING CONTINUED EXTREME HARDSHIP AND IMMENSE MENTAL AGONY - WHICH AMOUNTS TO LACK IN SSERVICE PROVIDED ! IT IS ALSO PERTINENT TO MENTION THAT THE BANK APPEARS TO SHOW THAT THEY ARE ABOVE LAW AND CAN GET AWAY WITH ANYTHING AND EVERYTHING.

Post your Comment

    I want to submit Complaint Positive Review Neutral Comment
    Your Rating (1 star is bad, 5 stars is good) No Rating
    code
    Axis Bank Power Home Loan - CHEATED BY THE BANK