[Resolved] HDFC Bank — Injustice to existing home loan customers | |
We had availed home loan from HDFC, Andheri East Mumbai branch in September 2008.of Rs.3, 600, 000.(Rs. Thirty Six Lacs) on FLOATING RATE of interest. However, it is shocking to learn that the current rate of interest applicable to me is 11.25 % p.a. which is much above the market rate of interest of 8 % - 8.5 % charged by other banks (SBI – 8 %, Canara bank – 8.25 %, Bank of Maharashtra 8.5%) (copies of evidence enclosed). Even home loan offered to new customers in HDFC is charged at 9.25 %. This is nothing but a white collar robbery as the ultimate objective of taking a floating rate of interest gets utterly defeated. 2. Outcome of personal meeting with the branch manager Ms. Philomena Raisingani (Andheri East) was shocking, she candidly advised that I can reduce the rate by 0.25 %, however for which the conversion fees would be 0.50 % 3. We draw your kind attention to the fact that at the time of loan sanction / disbursement, during the course of about half-dozen meetings we had with bank's concerned officers, we were not told that “floating / flexible” rate of interest are meant only for upward revisions & not adjusted for downward current market rate of interest. 4. When all leading banks are giving home loan at 8 to 9% HDFC continue to charge a whopping 11.25% and in particular, when we have opted for “flexible” rate. Flexible rate of interest has to be adjusted to current market rate (whether upward or downward) 5. The marketing gimmick to attract customers are unjust, unfair, unwarranted, misleading, to explain, we were told (mentioned in the loan agreement as well) by very senior & responsible office that about the prepayment charges being 2% of the loan prepaid. Now, it seems the same has been increased to 3%. In this free regime of Economy, how can anyone stop people to shift other banks on better terms & services. Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 9 Comments | |
Comments
please refer anyone suffering from the same and i will try to transfer their existing home loan at the better rate of interest since i am representing govt bank as a DSA
regards... prashanth
regards... prashanth
Hi Sangeet,
You are not alone. there are hundreds of thousands of customer robbed in the same way, including me. This is plain cheating. Don't understand how RBI turns blind eye towards it, if not the Govt. (who already aware of it but might be corrupt in not taking action against this so called "leading" pvt. banks because they must be paying bribe to the party which runs the govt.)
And whatever Ads by PSU are kinda eye-wash. I have approached SBI bangalore after opening one account and parked 1Lac. But they took 1month to just turn down my loan req. by frustrating with some silly reasons such as "building plan must be in the name of who is constructing it, not who sold the land" kinda crap where i am the 4th owner and that happened between 1st land owner who stopped basic construction and sold to 2nd owner kinda story. So SBI marketing Ads etc. all BS by UPA govt. election stunt.
This kinda non-sense is the prime reason which drove as to the pvt. bank and we trusted them as "floating" rate will go high and come down. but in reality these banks ensures it doesn't come down for the "existing" customer. This is trust breach and illegal.
Also there is not even single debate about this kinda cheating in Indian leading media (NDTC, TimesNow, CNN-IBN etc). Why? because these banks gives lots of Ads?.
Pls somebody who close to this media or through CitizenJournalists should bring this to their attention.
So all we can do now (which i am going to do is), write (by registered indian post, because i did send email but no reply!) to the bank about why this cheating practice is?
http://www.hdfcbank.com/common/grievance.htm
...
For Banking Products specific complaints write to:
Caesar Pinto
Grievance Cell Officer,
Grievance Redressal Cell,
HDFC Bank Ltd.,
Old Bldg; "C" Wing 3rd floor,
26-A Narayan Properties,
Chandivali Farm Road,
Off Saki Vihar Road, Chandivali,
Andheri(East), Mumbai- 400 072.
Email : Grievance.[protected]@hdfcbank.com
...
and based on that lodge a complain to RBI Ombudsman (because RBI won't allow unless you 'wrote physical letter' to the bank) online,
https://secweb.rbi.org.in/BO/compltindex.htm
to crack down this cheating. else they will continue to loot the "existing customer". If RBI also doesn't react, then i will go to court (public, consumer)
There seems some hope with news like this.
http://timesofindia.indiatimes.com/Chandigarh/Bank-to-pay-Rs-1-lakh-for-overhauling-loan-account/articleshow/47507...⇄
Also there is some egroup to take fight with HDFC Bank on this topic. pls join.
https://www.consumercomplaints.in/complaints/hdfc-bank-c139820.html
Thanks
Prem.
You are not alone. there are hundreds of thousands of customer robbed in the same way, including me. This is plain cheating. Don't understand how RBI turns blind eye towards it, if not the Govt. (who already aware of it but might be corrupt in not taking action against this so called "leading" pvt. banks because they must be paying bribe to the party which runs the govt.)
And whatever Ads by PSU are kinda eye-wash. I have approached SBI bangalore after opening one account and parked 1Lac. But they took 1month to just turn down my loan req. by frustrating with some silly reasons such as "building plan must be in the name of who is constructing it, not who sold the land" kinda crap where i am the 4th owner and that happened between 1st land owner who stopped basic construction and sold to 2nd owner kinda story. So SBI marketing Ads etc. all BS by UPA govt. election stunt.
This kinda non-sense is the prime reason which drove as to the pvt. bank and we trusted them as "floating" rate will go high and come down. but in reality these banks ensures it doesn't come down for the "existing" customer. This is trust breach and illegal.
Also there is not even single debate about this kinda cheating in Indian leading media (NDTC, TimesNow, CNN-IBN etc). Why? because these banks gives lots of Ads?.
Pls somebody who close to this media or through CitizenJournalists should bring this to their attention.
So all we can do now (which i am going to do is), write (by registered indian post, because i did send email but no reply!) to the bank about why this cheating practice is?
http://www.hdfcbank.com/common/grievance.htm
...
For Banking Products specific complaints write to:
Caesar Pinto
Grievance Cell Officer,
Grievance Redressal Cell,
HDFC Bank Ltd.,
Old Bldg; "C" Wing 3rd floor,
26-A Narayan Properties,
Chandivali Farm Road,
Off Saki Vihar Road, Chandivali,
Andheri(East), Mumbai- 400 072.
Email : Grievance.[protected]@hdfcbank.com
...
and based on that lodge a complain to RBI Ombudsman (because RBI won't allow unless you 'wrote physical letter' to the bank) online,
https://secweb.rbi.org.in/BO/compltindex.htm
to crack down this cheating. else they will continue to loot the "existing customer". If RBI also doesn't react, then i will go to court (public, consumer)
There seems some hope with news like this.
http://timesofindia.indiatimes.com/Chandigarh/Bank-to-pay-Rs-1-lakh-for-overhauling-loan-account/articleshow/47507...⇄
Also there is some egroup to take fight with HDFC Bank on this topic. pls join.
https://www.consumercomplaints.in/complaints/hdfc-bank-c139820.html
Thanks
Prem.
I am existing customer of HDFC, I got the statement from HDFC 2 weeks back and I was shocked to see the int rate is still 10.5% on a floating rate of 11.25L loan amount, I already increased my EMI to 15, 000. But still I feel very much burdened, HDFC offered me an interest rate of 7.25% in 2005 I was then a new customer, now I am an old customer, I feel cheated, made to fall into a Trap. RBI please save us, stipulate new norms, save the new customers from the Trap made by these financial institutions. I am in Japan now, here people get int rate at 1.5% on housing loan. In india, no body is there to regulate these institutions, they have all the provisions in the loan agreement so that they can change any norms or conditions, unfortunately the customers does not have any freedom to change these agreements. Citi holds close to 50% stake in HDFC, which means all the money sucked from us goes to US, in 21st centuary we Indians are made as the financial colonial slaves. God (RBI) please save us.
Hello Bhoopathi and all.
You are not alone. I am one among all of you. We suffered and still see big queue of people who are going to HDFC. They do not know. Soon those new customers will realise, they are going towards a highest interest rate debt trap, which they will be unable to get rid of. Please save them. Noone told me this when I went to HDFC for home loan (not once, twice for two loans)
My request to all of ... do not buy house by taking loan from private banks/HFCs. why .. read below even if you get loan at 6%.
1. First and foremost in 15-20 year cycle, the interest rate fluctuation will be roughly 50 times (each year HDFC does 4 times periodic revision, they increase/decrease or stay constant).
2. Each upward cycle (like from 2006 start to 2007 end) you interest rate will go up 3 to 4 %. In downward cycle it will come down 1% (say from 2008 middle to now)
3. So at end of 4 upward cycle your rate increased by 12%, decreased by 4%. Effectively your interest rate will increase by 8% on your base rate (starting rate say 8%). So your rate becomes 16%. Do you guys believe it!!! That's the truth
Please shout on the street and save people from not entering HDFC and ICICI. Do not talk to their agents. Draw you savings A/C money from them. Make them insolvent. Let them closed. Let them die like lehman brother's. They deserve this. Save people on earth. It's my request. We need a revolution. Today is the day. Come forward and save people. Do not take home loan from pvt bank and HFCs. If you do not agree and still go ahead. All the best!!! Sure you will write a bigger message than this in 2 years time and noone will thre to save you.
This message not to encourage taking loan from PSU banks either. It's on my experience with HDFC, I am sharing. I am committed to block 100 people not taking loan from them.
You are not alone. I am one among all of you. We suffered and still see big queue of people who are going to HDFC. They do not know. Soon those new customers will realise, they are going towards a highest interest rate debt trap, which they will be unable to get rid of. Please save them. Noone told me this when I went to HDFC for home loan (not once, twice for two loans)
My request to all of ... do not buy house by taking loan from private banks/HFCs. why .. read below even if you get loan at 6%.
1. First and foremost in 15-20 year cycle, the interest rate fluctuation will be roughly 50 times (each year HDFC does 4 times periodic revision, they increase/decrease or stay constant).
2. Each upward cycle (like from 2006 start to 2007 end) you interest rate will go up 3 to 4 %. In downward cycle it will come down 1% (say from 2008 middle to now)
3. So at end of 4 upward cycle your rate increased by 12%, decreased by 4%. Effectively your interest rate will increase by 8% on your base rate (starting rate say 8%). So your rate becomes 16%. Do you guys believe it!!! That's the truth
Please shout on the street and save people from not entering HDFC and ICICI. Do not talk to their agents. Draw you savings A/C money from them. Make them insolvent. Let them closed. Let them die like lehman brother's. They deserve this. Save people on earth. It's my request. We need a revolution. Today is the day. Come forward and save people. Do not take home loan from pvt bank and HFCs. If you do not agree and still go ahead. All the best!!! Sure you will write a bigger message than this in 2 years time and noone will thre to save you.
This message not to encourage taking loan from PSU banks either. It's on my experience with HDFC, I am sharing. I am committed to block 100 people not taking loan from them.
I need online access to HDFC Home Loan.What is the site and way to approach.
Being a non-bank, it seems HDFC is above law, since:
1. Base rate doesn't apply to HDC and such it is free to charge as much interest rate it likes and the customers have no option but to live with it.
2. Banking ombudsman scheme of RBI is not applicable to HDFC (since it is not a bank) and we have no place even to register our complaints.
Either the Indian Government, RBI and other monetary authorities are so dumb that they are not assess that the largest mortgage lender in India would easily escape from applying base rate policies and ombudsman feature applicable to other banks or the impact of HDFC's cartelization and its influence in the political circles is much more than visible.
1. Base rate doesn't apply to HDC and such it is free to charge as much interest rate it likes and the customers have no option but to live with it.
2. Banking ombudsman scheme of RBI is not applicable to HDFC (since it is not a bank) and we have no place even to register our complaints.
Either the Indian Government, RBI and other monetary authorities are so dumb that they are not assess that the largest mortgage lender in India would easily escape from applying base rate policies and ombudsman feature applicable to other banks or the impact of HDFC's cartelization and its influence in the political circles is much more than visible.
respected sir, this is pranab mallick working as a zonal sales manager at laurel life science(i) pvt ltd.
sir, this was to inform you that i appilied for a home loan at your esteemed organisation at bilaspur (chattishgarh) branch for a property at bilaspur(chattishgarh).this was been processed on dated 26.06.2012.my case been handled by mr naresh kumar rathore (relationship officer-mortgage sales), mobile number:[protected].at the initial the documentation briefed by mr naresh rathore has been provided to him.
now after a span of 34 days now mr naresh kumar rathore started misbehaving and misleading me, moreover no confirmation about the sanctioning loan matter is been briefed to me by mr naresh kumar rathore.between this 34 days i had several time communicated to mr naresh regarding the development but always mr naresh has misguided me.atlast i had to withdraw the application and the documentation given to hdfc on dated 30.07.2012.
if this is the personal associated to hdfc treats his clients then it is really pathetic
regards
pranab mallick
mobile number:[protected]
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sir, this was to inform you that i appilied for a home loan at your esteemed organisation at bilaspur (chattishgarh) branch for a property at bilaspur(chattishgarh).this was been processed on dated 26.06.2012.my case been handled by mr naresh kumar rathore (relationship officer-mortgage sales), mobile number:[protected].at the initial the documentation briefed by mr naresh rathore has been provided to him.
now after a span of 34 days now mr naresh kumar rathore started misbehaving and misleading me, moreover no confirmation about the sanctioning loan matter is been briefed to me by mr naresh kumar rathore.between this 34 days i had several time communicated to mr naresh regarding the development but always mr naresh has misguided me.atlast i had to withdraw the application and the documentation given to hdfc on dated 30.07.2012.
if this is the personal associated to hdfc treats his clients then it is really pathetic
regards
pranab mallick
mobile number:[protected]
Dear Sir,
I have applied for a land loan for my plot no.D-191 located at Ansal sushant city ajmer in your HDFC Pune shivaji nagar branch on 25th july as i have my own company challenging horizons private ltd. in pune.your office personnel had promised me to disburse the amount within 12-15 working days.I have been following up your office executives daily for last 45 days still there is no progress and they are behaving in so irresponsible way. sometimes they are not receiving my calls, everyday they are giving me some excuses.my file number is[protected] Everytime I called I was promised that it will take only 2-3 days more. 3 days ago when I called Mr Bhavik promised me that he will clear my file the next day by 1 pm and he will send the letter with Mr Nikalje to my home. But the next day when I followed up with him he said sorry sir the office visit is pending. When the next day office visit happened and we followed up again – he told that sorry the loan cant be approved as it’s the rajasthan file. What a great shock it was for me to hear that after 45 days long wait.
Sir i want to know following things from you.
1. HAVE I MADE SOME MISTAKE BY APPLYING THE LOAN WITH YOUR BRANCH?
2. HOW COME YOUR EMPLOYEES BE SO IRRRESPONSIBLE TOWARDS THIER DUTIES?
3. WHY THEY PROMISED TO DISBURSE THE AMOUNT IN 12 WORKING DAYS ONCE THEY WERE AWARE THAT PROPERTY IS IN RAJASTHAN ?EVEN THOUGH HDFC AJMER OFFICE HAS TIE-UP ANSAL PROPERTIES & INFRASTRUCTURE AJMER.
4 WAS IT MY FAULT THAT I RELIED YOUR BANK? AND NOW JUST BECAUSE OF YOUR DELAY I AM PAYING 500/-PER DAY INTEREST TO ANSAL
5. WHY SHOULD I PAY FOR THE MISTAKES OF YOUR BANK?
6. DO YOU TAKE 47 DAYS TO DISBURSE A LOAN WHEREAS I HAVE MY OWN COMPANY WHO IS HAVING A GOOD MARKET VALUE?
7. IF YOUR BANK IS UNABLE TO DISBURSE MY LOAN WHY THEY KEPT MY APPLICATION AND KEPT ON GIVING ME FALSE INFORMATION THAT ITS GOING TO GET SANCTION IN A DAY OR TWO?
8 WHERE SHOULD I GO NOW FOR MONEY?
9. WILL U RESOLVE MY PROBLEM IN TWO DAYS BECAUSE ANSAL IS GOING TO CANCEL MY ALLOTMENT AND THEY WILL FORFEIT MY COMPLETE DEPOSIT AMOUNT(225876/-)
10. WHY SHOULD I BEAR THIS LOSS?
11. DOES HDFC HAS SUCH A POOR DEALING WITH CUSTOMER TAHT CUSTOMERS HAS TO FOLLOW UR OFFICE EVERYDAY?EVEN GOVT. OFFICES DO NOT DEAL A CUSTOMER SO ROUGHLY?
12 WHAT ACTION YOU ARE TAKING AGAINST YOUR EMPLOYEE'S MR. Mr Bhavik –[protected] AND MR. Mr Amit Nikalje – [protected] FOR GIVING ME FALSE STATEMENT AND MAKING ME FOOL FOR 40 DAYS?
13. SHOULD I START A VILIFICATION CAMPAIGN AGAINST YOUR BANK?
14. SIR DO YOU HAVE ANSWER TO ALL MY 13 QUESTIONS?
HOPE IT WILL DISBURSE MY AMOUNT IN NEXT TWO DAYS OTHERWISE PLEASE PROVIDE ME THE CONTACT NUMBER OF YOUR COUNTRY HEAD/GREVIENCE HEAD OF COUNTRY SO I CAN LOADGE A LEGAL COMPLAIN FOR DELAY AGAINST YOR BANK.
KINDLY EXPEDITE.
THANKS & REGARDS
BHUPENDRA SINGH RATHORE
I have applied for a land loan for my plot no.D-191 located at Ansal sushant city ajmer in your HDFC Pune shivaji nagar branch on 25th july as i have my own company challenging horizons private ltd. in pune.your office personnel had promised me to disburse the amount within 12-15 working days.I have been following up your office executives daily for last 45 days still there is no progress and they are behaving in so irresponsible way. sometimes they are not receiving my calls, everyday they are giving me some excuses.my file number is[protected] Everytime I called I was promised that it will take only 2-3 days more. 3 days ago when I called Mr Bhavik promised me that he will clear my file the next day by 1 pm and he will send the letter with Mr Nikalje to my home. But the next day when I followed up with him he said sorry sir the office visit is pending. When the next day office visit happened and we followed up again – he told that sorry the loan cant be approved as it’s the rajasthan file. What a great shock it was for me to hear that after 45 days long wait.
Sir i want to know following things from you.
1. HAVE I MADE SOME MISTAKE BY APPLYING THE LOAN WITH YOUR BRANCH?
2. HOW COME YOUR EMPLOYEES BE SO IRRRESPONSIBLE TOWARDS THIER DUTIES?
3. WHY THEY PROMISED TO DISBURSE THE AMOUNT IN 12 WORKING DAYS ONCE THEY WERE AWARE THAT PROPERTY IS IN RAJASTHAN ?EVEN THOUGH HDFC AJMER OFFICE HAS TIE-UP ANSAL PROPERTIES & INFRASTRUCTURE AJMER.
4 WAS IT MY FAULT THAT I RELIED YOUR BANK? AND NOW JUST BECAUSE OF YOUR DELAY I AM PAYING 500/-PER DAY INTEREST TO ANSAL
5. WHY SHOULD I PAY FOR THE MISTAKES OF YOUR BANK?
6. DO YOU TAKE 47 DAYS TO DISBURSE A LOAN WHEREAS I HAVE MY OWN COMPANY WHO IS HAVING A GOOD MARKET VALUE?
7. IF YOUR BANK IS UNABLE TO DISBURSE MY LOAN WHY THEY KEPT MY APPLICATION AND KEPT ON GIVING ME FALSE INFORMATION THAT ITS GOING TO GET SANCTION IN A DAY OR TWO?
8 WHERE SHOULD I GO NOW FOR MONEY?
9. WILL U RESOLVE MY PROBLEM IN TWO DAYS BECAUSE ANSAL IS GOING TO CANCEL MY ALLOTMENT AND THEY WILL FORFEIT MY COMPLETE DEPOSIT AMOUNT(225876/-)
10. WHY SHOULD I BEAR THIS LOSS?
11. DOES HDFC HAS SUCH A POOR DEALING WITH CUSTOMER TAHT CUSTOMERS HAS TO FOLLOW UR OFFICE EVERYDAY?EVEN GOVT. OFFICES DO NOT DEAL A CUSTOMER SO ROUGHLY?
12 WHAT ACTION YOU ARE TAKING AGAINST YOUR EMPLOYEE'S MR. Mr Bhavik –[protected] AND MR. Mr Amit Nikalje – [protected] FOR GIVING ME FALSE STATEMENT AND MAKING ME FOOL FOR 40 DAYS?
13. SHOULD I START A VILIFICATION CAMPAIGN AGAINST YOUR BANK?
14. SIR DO YOU HAVE ANSWER TO ALL MY 13 QUESTIONS?
HOPE IT WILL DISBURSE MY AMOUNT IN NEXT TWO DAYS OTHERWISE PLEASE PROVIDE ME THE CONTACT NUMBER OF YOUR COUNTRY HEAD/GREVIENCE HEAD OF COUNTRY SO I CAN LOADGE A LEGAL COMPLAIN FOR DELAY AGAINST YOR BANK.
KINDLY EXPEDITE.
THANKS & REGARDS
BHUPENDRA SINGH RATHORE
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ICICI Bank — INJUSTICE WITH THE HOME LOAN CUSTOMERS
SIR, I OBTAINED HOME LOAN WORTH 968000 FROM ICICI BANK ROHTAK BROANCH AGAINST LAN LBROH[protected] FLOATING INT RATE 11 PERCENT STARTING. NOW THIS BANK IS CHARGING 13 PERCENT PER ANNUM FROM THE EXISTING CUSTOMERS AND PROVIDING LOAN AT LOW INTERST RATE AT 9.75 % PER ANUM AND BLACKMAILING THE EXISTING CUSTOMERS THAT THEY SHOULD PAY PROCESSING CHARGES @0, 5% + SERVICE TAX IF THEY WANT TO LOWER THEIR INTEREST RATE AT 9.75% PA. WHEREAS LIC HOUSING FINANCE AND OTHR BANK NOT DOING SO.SIR, I THINK IT IS INJUSTICE WITH THE EXISTING CUSTOMERS OF ICICI BANK. PLEASE LOOK INTO AND TRY TO GIVE JUSTICE.
NARESH KUMAR S/O DESRAJ VERMA
256/2 MEHAM DISTT ROHTAK HARYANA 124112 PH [protected]