[Resolved]  LIC Housing Finance Ltd / Home Loan — Increase in interest rates without giving any reason and also without intimation to the customer.

Address:

Jaipur, Rajasthan

Dear Sir,

The undersigned was sanctioned home loan by LIC Housing Finance Ltd, Upasna Tower, I floor, Subash Marg, C-Scheme Jaipur on[protected].
The total senctioned amout for this was Rs 24 Lacs. Out of this I received Rs. 23,08,000 in two instalments.My loan A/c No. is[protected]. This loan was senctioned under under Griha Prakash Scheme with 8.75% per annum floating rate of interest with LHPLR minus 250 bps. Monthly EMI for re-payment of the loan @ 8.75 per annum rate of intrest was fixed as Rs. 26976.

As against this instalment LICHFL started charging EMI of Rs. 29359 per month without giving valid reason for the charging this higher amount of EMI. After some time vide their letter No. LA : 119208 dated[protected], Area Manager LICHFL Jaipur informed me that rate of interest has been revised by 50 bps on the housing loan scheme w.e.f. 1st October' 2010 (payable in November' 2010). Therefore the applicable rate for the loan would be 10.50% floating. Consequently the EMI stand revised to Rs. 30711 from[protected]. With this the payment period for this loan was also extended and last instalment of loan was made due on[protected], which earliar was[protected].

After few months I received anothe letter No. LA : 119208 from Area Manager LICHFL Jaipur, intimating me about further revision in the rate of interest of my loan account No. :[protected] by 50 bps with rate of interest 11% floating and started charging higher interest w e f January, 2011(payable in Februry'2011). Based on this my loan repayment period was revised to 123 months from 119 months. and last installment of the loan was made due on[protected].

After some monts , I enquired from the Area office of LICHFL Jaipur about the rate of interest being charged against my loan account. On this to my surprise it was informed that the rate of interest has been further revised to 11.90% per annum floating. For this they have further revised the loan payment period. No intimation /information regarding this revison of interest from 11% to 11.90% was received. This they have done unilaterly without keeping the customer informed.

Recently i enquired from one of the office of LICHFL about prevailing rate of interest on housing loan at which they are sanctioning the housing loan. It was informed that the rate on housing loan is 10.5% only. But against this they are charging much higher interest of 11.90% from their old customer. This act of LICHFL is beyond my understanding and I shall consider this as clear exploitation of a customer like me. If LICHFL will continue to behave like a Marwari businessman and continue to increse rate of interest without giving any reason and also without intimating me I will never be in a position to repay my loan. This government organisation is behaving worse than a private organisation / Bank.

It is requested to kindly look into my grievaces and advise LICHFL to do some justice to a customer like me by reducing the rate of interest which they are presently charging to 10.5% per annum, which is being charged by most of the financial institutions in the country.

Thanking You.

Your's Sincerely
Ramesh Chandra Meena
905, Kailash Tower
Kaushambi, Ghaziabad-201010
E mail- [protected]@gmail.com
Mb : [protected]