[Resolved] Reliance Capital Limited — HIGH INTEREST RATE ON HOME LOAN | |
I have availed a home loan with reference no LAN NO : RLHLCHE[protected], from Reliance capital chennai. They had first promised a fixed interest rate at 10% by their staff Mr Raja. When the offer letter was given to me, it was floating at 10.5% and a pepayment charge of 5% claiming that the interest rates have gone up and the fixed offer is taken back. I accepted the offer as I had to get the property registered. Later, they kept on increasing the rate of interest and brought it up to as high as 11.75%.On continuous visit to their offices and numerous emails they reduced the interest rate to 11.25%. While other banks have considerably reduced interest rates, reliance is not taking any action on the requests given to them. They even promised that since Reliance has received the license for home finance, it will be converted to a housing finance company soon and that the rate of interest will be much lower than competition. Request you to help me reduce the interest loan to 6.5% to 7% as being offered by competition or they need to allow me to move to competition without any prepayment charges. Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 2 Comments | |
Comments
dont ever take a loan or have any dealings with reliance capital ever... they make false promises and are up to high way robbery.
Reply
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.