[Resolved]  LICHFL, Thanjavur — Unfair practice by LICHFL and other Housing loan companies

As all o[censored]s know that due to various market conditions all the housing loan agencies including LICHFL have reduced the interest rates to much lower rate on their housing loan schemes being given to new
customers whereas my existing interest rate is still being maintained at 11%.

This practice is totally unfair and unethical. This is like luring new customers on lower interest rate and than chaniging it to higher rate after some time.

As a consequences, I'm paying higher EMI and interest on my home loan resulting into major increased financial burden.

Hi,

I totally agree with you. They (LIC Housing finance) trap you with lower interest rate first and once you are their customer then they will start to increase the rate without your knowledge (It has happened to me, they have increased my interest rate twice without any communication). Other issue with LICHFL is there is no disclosure current of interest rate on internet so every time you need to know your current interest rate you need to call theri branch office and getting a person on phone is tough. I am feeling cheated by seeing their negative attitude towards the existing customers.

Dear PALS,
DONT BE JEALOUS AS THE INTEREST RATE OF 8.75% ON NEW LOANS WILL BE AVAILABLE FOR 3 MONTHS. AFTER THAT THE NEW LOANS WILL ALSO BE CHARGED AT THE SAME RATE. WHAT A FANTASTIC METHOD OF BEFOOLOING BY A GOVT. FINANCIAL INSTITUTION. CAN SOMEBODY STOP SUCH MALPRACTICES.

MINAXI

sAME THING HAPPENED TO ME..dO NOT GO TO liC HOSUING..AFTER READING MANY NAGATIVE REVIEWS ALSO I WENT TO LIC HOSUING..I HAD ENUFF..THERE IS NO USE AFTER DOING LOAN TRANSFER..go for any PSU who cheats less than anybody..

This is fact I am also facing same problem.
I have asked LICHFL for online status of my loan.
They have declined for it.
Can you suggest how can I get updated to my LIFHFL loan.

Hi,

I agree with you.

I am also facing the same problem. Now the behaviour of the agents changes. They just keep on giving new dates that you would get the confirmation by this month and the next and the next.

Now they say that the duration of loan has been reduced by 3 yrs. But there is nothing on paper as of today. I am following this up for the last 4 months