[Resolved]  Lichfl — Anamoly in interest rate

MOST URGENT
From,
Saurabh Kumar Arya
C 1101, Tharwani Heritage
Sector -7, Plot No. 24
Kharghar, Navi Mumbai
410210

To,
Chairman
LIC OF INDIA
MUMBAI

Sub: Correction in home interest rate
Ref: a) My home loan A/C no.[protected] Dated 10.07.2007
Application No. : 615584

Dear Sir,
This has reference to above.

A loan of Rs. 25.0 Lakhs was sanctioned to me as per my application No. 615584 (loan A/C no.[protected] at a floating rate of interest ( LHPLR - 275 bps).At the time of sanction LHPLR was 13.75% accordingly loan was sanctioned to me at interest rate of 11%.

Now after decrease in LHPLR ( 13.25% ) by LICHFL my home interest rate has increased up to ( 11.25% ) which should have been 10.5% ( LHPLR - 275 bps).This has really baffled me as how the calculations are being made in LICHFL.

A letter was issued to me by LICHFL, Jeevan Prakash, Fort, Mumbai stating that my home interest rate has increased up to 11.25%

This discrepancy was brought to the notice by me at LICHFL office, Vashi on 25/02/2008. On further inquiry, LICHFL executive at Vashi office clarified that by mistake, floating rate of interest has been entered as LHPLR MINUS 200 bps instead of LHPLR MINUS 275 bps and same shall be corrected at the earliest but nothing was done.

Again, an E-mail was sent on 19/04/2008 requesting amendment of the same. Reminders (E-mail) were sent on 04/05/2008 & 27/05/2008 as well. This issue was discussed with the concerned executive at Vashi office so many times yet nothing has been done so far except LIP SYMPATHY. My all the efforts in making the correction in interest rate by LICHFL executive remained futile during last four months.

This has caused mental agony, harassment and doubt about commitment of LICHFL towards fair practices code.

It is requested to take urgent necessary action so that interest rate is corrected as LHPLR MINUS 275 bps and this pending issue is resolved at the earliest.



Regards


Yours Sincerely


Saurabh Kumar Arya
ONGC