[Resolved]  LIC Housing Finance Ltd — Home Loan Rate of Interest

Address:

Gurgaon, Haryana

Increase in Interest Rate for Loan A/c #[protected]

Dear Sir/ Madam,

I would like to share that for my loan for Rs 45 Lacs there is a revision of ROI without assigning any reason

The current hike in interest rate to 11.35 % ( which was recently showing as 11.4 % on LIC website) , I am a bit disappointed as I do not see a similar move in the market. Most of the banks I have spoken to are offering 9.9 – 10.4 % to both new and existing customers.

The local manager mentioned that ROI is applicable as per original sanction and is up for review each quarter and more so existing customers are charged higher than new customers. Further the communication of loan rate never reached me ( I realize though that I did not update my address ) , and the manager response here was to keep checking the LIC website for any increase. the manager mis-represented information saying that new rates are 11 % which again is incorrect information and tried to justify the revision in rate.

I enjoy very good credit history with LIC , however this is clearly a blow to the trust i had on LIC HFL.
It seems to me that because of my recent down payment , they have decided to increase the rate and have not provided any clarification.


I hope that LIC will revert with appropriate correction on this and not disturb the long term relationship I have enjoyed and hopefully true vice-versa.

Regards
A Singhal