[Resolved] Reliance Capital Home Loan — Unreasonable hike in interest rate | |||
Hello Experts, I took home loan from Reliance capital in year 2008 Jan @11.75 floating interest rate. When all the bank started reducing their rate of interest in Reliance increased the ROI by 0.5% (and the tenor as well) with the reason below: "As you are aware, the Prime Lending Rate (PLR), is determined based on the market condition and the cost of funds. Keeping in view the present market conditions and increase in cost of funds, we are constrained to increase the PLR by 50 basis points, i.e. 0.50% p.a. effective 1st Nov 2008. Your new rate of interest will now be 12.25% p.a." Is there any action the consumer can take against this. Any help in this regard would be much appreciated. Best regards, Anil Jain Was this information helpful? | |||
Aug 14, 2020 Complaint marked as Resolved | |||
 3 Comments | |||
Comments
Absolutely True.
Even I have been cheated as I have a taken a home loan in 2007 with
8.5% floating rate and subsequently in around 2 years they increased it
to 14%. Even after the ROI across all banks was reduced, Reliance
capital has kept this unchanged and when I asked about it they offered
to reduce it by 1% and for this to take effect, I am charged a 0.5% on
the outstanding principal amount as switch fee. This is not just
outright cheating on customers but they are making money even in the
disguise of helping. Shame on Reliance.
Even I have been cheated as I have a taken a home loan in 2007 with
8.5% floating rate and subsequently in around 2 years they increased it
to 14%. Even after the ROI across all banks was reduced, Reliance
capital has kept this unchanged and when I asked about it they offered
to reduce it by 1% and for this to take effect, I am charged a 0.5% on
the outstanding principal amount as switch fee. This is not just
outright cheating on customers but they are making money even in the
disguise of helping. Shame on Reliance.
Don't ever go for any loans with Reliance. It is like a trap.