Life Insurance Corporation of India [LIC]

[Resolved] LICHFL, Thanjavur — Steep Rise In Interest Rates for Existing Customers

vincivasudevan

Address:

Bangalore, Karnataka

I have availed a housing loan from LIC HFL 04/2010 at 8.9% and the EMI charged was INR 23932.00. I have not defaulted any EMIs till date. In the month of April 2013 I have seen that LIC HFL has not taken the EMI from my ICICI bank. I did cross check this with LIC HFL and the officials confirmed that the EMI was withdrawn from ICICI as they tried to withdary INR 26904.00 as they have raised the interest rate from 8.9 to 11.9 %. I was not even intimated in this regard.
Further more they are offering New loans at 9.9 % and the existing customers are being charged 11.9%.
I dont understand this logic, why are the existing customers being treated like this?? Is it that we are being punished for taking a loan from LIC HFL??
Can all o[censored]s join together and fight this case in the Honorable High Court for Justice.

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Aug 13, 2020

Complaint marked as Resolved

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Comments

nitinp321

I really do not understand the logic between the different interest rates for old and new customers. If LICHFL is making profit by giving loan to new customers @ 9.9% then this means they are making more money from old customers by charging 11%.
Can some one please let me know the fundamental between various interest rates for old and new customers ?????

murlidharshivankar

from Bardoli, Gujarat

This is the same case with me. I also have availed a housing loan initially from LIC HFL at 8.9% and now they suddenly raised by 11.9 % without any intimation. Strange in this is, 11.9 % only apply for Old customers but for new customers its 9.9%.
LIC staff was not having any comments on this when we raised this query, "why this is different rate for new and old customers?".

I think let us join together and fight this case in the Honourable High Court for Justice.