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State Bank Of Mysore Home Loan - Cheating from the Manager SBM NGEF Branch Bangalore

 
6 Reviews
User
  Rajendran K
Last year we availed a home loan for 15 years from SBI, The branch manager, Mr. Joseph, forced us to take that at 'fixed rate of interest' saying there is an option of one-time switch over to floating rate during the term. That was a deliberate misleading. He was all along rude and never used to finish the paper works. The delays used to be several weeks. Then after a few months when we applied to change to floating rate, he tells us that the one-time switch over option was stopped way back in 2000! He will not even cooperate with our move to shift the loan to any other nationalised bank as well. The banak employees are comforing us saying that this nuisance will only last for about 4 more months and they are also praying and waiting for that!
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not receiving statement my two wheeler loan - state government employe

i have purchased two wheeler through loan from icici bank till now i have not recieved monthly statement from icici bank.
 
I'm an NRI working in the Unted Arab Emirates. I also was cheated by SBM Manager from the Gandhinagar Branch Bangalore. I took a loan of Rs. 25 lakhs in 1993 for construction of my Villa. He convinced me to go for Floating interest rate and I agreed. But after 6 months, I decided to change to fixed interest and requested him to change. After 2 months, when I spoke to him, he told me that Head Office has changed it to fixed interest and I will be charged @ 8.25%. He also told me that I will be charged this fixed interest rate till I repaid the loan. However he did not send me any letter confirming this. All the statements also showed the interest as fixed at 8.25% and so I did not insist on any letter. However, after 4 years, Mr. Reddy was transferred and another Manager took charge. I was then shocked to see my next statement showing interest been changed to Floating rate and I was being charged 11.5% interest. Worst still, they debited the full interest @ 11.5% from day 1. When I asked the new Manager for an explanation, he asked me to show me any letter from the Head Office confirming that my loan was on Fixed rate basis. He says my loan was sanctioned for Floating rate and not for Fixed rate. When I showed him the Bank statement showing 'Fixed rate @ 8.25%, he said that was a mistake. He showed me my file and told me there was never any sanction from the head office for a change from Floating to Fixed rate. I am shocked by this unprofessional attitude of these Government Banks. This is nothing but cheating. However, the new Manager is very Professional and I hope things will improve.
 
I applied for Two Wheeler loan in SBT. I promptly completed the loan with out any cheque bounce, but they banker says! You have to pay additional 1400Rs as penalty charge. This is irresponsible negligance from bank side.
A
User
Kiran  
 
State bank of Mysore Penalty housing loan pre closure
I also facing similar issue with State Bank of Mysore, They are also demanding for 2% of outstanding amount as pre closure penalty.

I wanted to pre close my housing loan as they are charging more interest rate 10.25%. But same bank is charging 9.25% for some other existing customers but charging more for me alone. When I approached bank manager he is reluctant to resolve the issue from last six months. For new customers the same bank is are offering 8%. This is really ridiculous service by a nationalized and a reputed bank like SBM.

Below is the statement in per SMB Website:

If the loan is pre-closed from own resources for which proof is submitted by the borrower to the satisfaction of the Branch Manager, pre-closure penalty shall not be levied irrespective of the period for which the account has run. In other cases, where such proof is not produced by the borrowers, 2% penalty on the amount prepaid in excess of normal EMI dues should be levied in case of pre-closure of Home loans within 3 years from the date of commencement of repayment

http://www.statebankofmysore.co.in/housing_loan.htm


Where as now bank is demanding 2% pre-closure even though I have completed 3 years in loan period
N Feb 7, 2013 by
User
manjunath786  
 
i am working as government severnt in mysore district in nanjangud taluk as a village accountant my sal is 16500 monthly but i am not getting personal loan from your bank please help about loan my number is 9164653801

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    State Bank Of Mysore Home Loan - Cheating from the Manager SBM NGEF Branch Bangalore