[Resolved] Kotak Mahindra Bank

[Resolved] Kotak Mahindra Bank — Home Loan

N nilesh shah from Delhi, Delhi

Hi I have taken a home loan from Kotak Mahindra Bank 1 yr ago. It was 11.25% floating which they have increased to 13.5% ... Can u Imagine !!! They have increased this 2 time without inecreasing the tenure and without notifying me. (my tenure is 20 yrs) Is it true that tenure can't be increase beyond 20 yrs? now they are telling me that i have outstanding amount... which i need to pay ... What legal options do i have and most importantly how fast this matter can be solved if i go for legal option. Is there a regulatory in India (like RBI) who can control what maximum level home loan interest rate can go upto? And y kotak is not decreasing it to say 9.5 or 10%? regards Nilesh Was this information helpful? No (0) Yes (0)
Aug 14, 2020 Complaint marked as Resolved
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Comments

ponsudhahar

I strongly agree with your statement. I have taken Home loan in the year Feb 2007 for which the rate of interest is 9.5% now the interest rate has been increated to 13.5%. Now RBI has reduced the repo rate even though the bank is not reducing the interest rate ( All the banks reduced the interest rate ) and even lot more worst experience with this bank.
we have to some how get rid of the bank.

sachin

this is a complete fraud bank.. i have taken a load in 2006 @9.25% and now it has gone to 14.25%.. its unbelivable.. i want to shift my loan soon.. if anybody has done that please guide me...

Ashish

I have taken a home loan in May 2008 at 10.25%, bank has increased the interest rate thrice to 12.75% citing the reason that RBI has reduced the repo rates. Now when RBI reduced the rates they have reduced the intrest rate only once and that too by 0.5% when all the other banks have reduced the intrest rates considerably.I am not at all happy with this bank and want to get rid of this bank.This banks should not play with the our money like this. There should be some authority which looks into this matter about the existing loan customers.

Shripad Baride

from Mumbai, Maharashtra

I strongly agree. I have taken home load @ rate 9.5. Witin-in few months it has raised to 13.75. Now is 13.25 even though for all other bank it is around 11. C

Do not take home loan from Kotak. This bank is a fraud.