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sdfsdf - interest rate charged

 
7 Reviews
User
  Sonika Pasan
Private banks know exactly how to suck the blood of the customers. They have no conscience and do not leave an opportunity to extract unfair money from the consumer.

I had taken a home loan of 27 Lakhs at 10.25% on floating basis from HDFC. First EMI started on 15th May 2008 and the original tenure was 240 months. Since then interest rate was raised twice and the current interest rate being charged is 11.5%. HDFC. The revised amortization schedule shows the current tenure of loan to be 372 months despite of paying 8 EMIs of Rs. 26505. How can they increase the tenure to 11 long years for just an increase of 1.25%?

Secondly, HDFC has announced to cut the home loan rate for existing customers borrowing more than 20 Lakhs by 0.5% w.e.f. 22nd December 2008. However when contacted, they say that the announced dip in interest rate will be applicable only starting Feb. 08. When HDFC did not wait for even a week to apply the raised rates, how can they propose to implement the dip in a rate till next quarter? This is completely unfair. Either they should wait for the next quarter to apply any changes to the interest rate or implement both the increase and dip with immediate effect. Kindly help as with limited income, getting the tenure of the loan increased to 11 more years is very dreadening and suicidal.

Any help will be greatly appreciated.
Thanks,
Sonika Pasan
Complaint comments 6 Comments     Updated:
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Comments

 
Hi Sonika,

I want to say you one things that just arrange the money from somewhere and close the loan. Udhar bahout kharab chiz hoti he so please close your loan as soon as quick. If you will pay 25% of the loan amount every year then HDFC will not charge you any extra money. so please close the loan by paying 25% every year or close the whole loan at 1 time.

Thanks

vijay
 
Mr. Vijay, are you by chance work for HDFC in anyway?. I think so, else u cannot make such insensitive comments again and again. why are you always in defense of HDFC even thougth such private banks "Take the existing cust. for a ride and screw them" mode.

You don't have any authority to say that, "go and get the loan from somewhere else". Banks suppose to do business by give loan and collect in ethical and fair way, not rob the existing one and seduce the new one with low % and rob them too.

simple, banks must honor the "floating rate" ie. when the RBI CRR/whatever or inflation increases, increase, when decreases decrease to all.
N
User
Rahul  
 
I have sent multiple complaints to them without any action. All we can do is spread awareness on these cheaters
D
User
Ashwin  
 
Hi Sonica

My sympathies towards your plight. However, based on a loan of 20Y-27L@10.25% your EMI is 26514 ( Rs 982 per lac ). When the Interest Rate changes to 11.5% your Actual EMI is 28809 ( @ 1067 per lac ). However, keeping your previous EMI of 26514 constant your tenure has to increase. Your tenure is keeping your previous EMI constant is now 392 months. To get your period back to 240 months you need to prepay atleast Rs 2, 00, 000 ( 2L ). You will need to constantly prepay ( however small that amount is ) in order to ensure that u get outta this trap.
 
want to say you one things that just arrange the money from somewhere and close the loan. Udhar bahout kharab chiz hoti he so please close your loan as soon as quick. If you will pay 25% of the loan amount every year then HDFC will not charge you any extra money. so please close the loan by paying 25% every year or close the whole loan at 1 time.
N
User
Kupesh  
 
As per my approximate calculation, the new tenure comes to 364 months. The best way to counter this is to make a prepayment. If you make a prepayment now of approx 2L to 2.15 lakhs, the tenure will come back to close to original of 240 months. Note that the more you delay your prepayment, the more amount will need to be paid to reduce the tenure.

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