[Resolved]  IndiaBulls — Increased rate of interest and no response on PMAY scheme

Dear sir/ madam,

I am Vishal kest. I have an outstanding floating rate loan with indiabulls housing finance limited. (Account no - hheban[protected]. I am reaching out to you after realising that my concern hasn't been handled properly in the past.

I have two important things to bring to your notice.

1. I sincerely request you to intervene and reverse the excess interest charged by india bulls with retrospective effect and also reduce the emis. I would like to bring to your notice that i have incurred huge losses from indiabulls due to unfair practice.

Indiabulls are passing on increased interest rate when rbi increases rates however when rbi reduces the interest rate the benefit is not passed back. This one-sided practice is defeating logic of floating rate loans.

My details -
Name – Vishal Kesti
India bulls loan account no - HHLBAG00431938

In April 2018, I took loan from india bulls @ “indiabulls housing finance limited floating reference rate - lfrr” – 8.5%. I am currently paying 9.7%. The loan tenure initially taken was 240 months and now its bumped up to 332.

Since then India bulls has increased the interest by - 1.2%.

Between April 2018 to Oct 2020 repo has reduced from 6.25% to 4% but indiabulls rates (Lffr) were unchanged. Benefit of reduced interest rate was not passed to customers.

When i took loan repo was 6.25% and repo as on date is 4%.

As of March 2020, i have been informed by india bulls that i have 296 more emis. I wouldn’t regret paying more emis if the interest rate would have increased but this is not the case here. All the major banks are offering interest rate anywhere between 6.75 - 7%

I have approached indiabulls many time, they inform me that their base rate has not changed so they cannot reduce the rate.

While I dia bulls are giving better rate for new customers why are they are not reducing the rates for existing customers. This clearly indicates unpleasant intention of india bulls.

Expected resolution - request your interference in correcting my emi duration and refund of excess interest paid from retrospective basis.

2. I have been applying for PMAY scheme since 2018 and I have been given rejection notice twice with unexplained resolution. It's been two year now and I have approached branches in Bengaluru and in Kolhapur(my home town) to get this thing sorted but I haven't been offered any help. I applied online for customer support but I haven't heard back from them either. What kind of service are you giving to customer? A word of mouth spreads faster, so imagine I give negative feedback to others about your company? I know I alone would not make much difference but believe me this is 21st century. I can share this information to as many people as I can because I am completely fed up with this inappropriate follow up from India bulls.

Sincerely looking forward for revert from your team. Request your interference in correcting my emis from retrospective basis. Failing to reply with a proper response, I am going to raise a complaint at the consumer court with legal notice.

Regards,
Vishal Kesti