Lichfl — Rate of Interest for existing Customer | |||
LIC Housing Finance Limited has the worst customer care in entire banking sector. I am a existing customer since 2010 and i have never asked for interest details as i had complete faith in them being GOI having control on them. To my utter disbelief, when i enquired of the balance loan period, i found that its a complete cheating case. They are providing new loan at lesser interest and charging the existing customer at higher interest rate. The ROI they have increased is more than what RBI has increased. When i complained, neither the area office is responding nor the regional office. Even the customer care department does not exist. Friends beware and compare with other banks the hidden facts before taking a loan from LICFHL as after loan disbursement, they are totally different people and start the process of cheating on the pretext of existing market rate. Was this information helpful? | |||
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I am also facing the same issue from LIC housing finance and waiting for their feedback to file at consumer court. Because the initial interest rate was 8.75 in 2010 for the initial 3 years and after that they have changed ROI to the current rate in 2012 to 11.75 but after that several time RBI reviewed and announced several interest changes. But my loan account ROI is still 11.75 whereas the current interest rate even for HDFC is 9.9%
Is this the way to cheat people? So I have decided to fight for the justice.
Help me some one with proper guidance.
Regards,
Salim
[protected]
Is this the way to cheat people? So I have decided to fight for the justice.
Help me some one with proper guidance.
Regards,
Salim
[protected]
Even the have the same problem. I have been paying emi since 2008 with faith that interest rates would be same for all its customers but its not. I even met the manager and asked why is the interest rate is only increasing and does not reduce for existing customers and offer lower rate for new customers. The reply i got is that it's offer period. is this not cheating customers. Why the offer not applicable to a floating interest customer. Why nobody is able to question them and correct them. I feel cheated.
Dear all,
I am also facing same problem. I have taken the loan on 2007 from LICHFL and at that time the interest was 9.25. Now it is 11.75 and RBI instructed the banks to reduced its ROI, but LICHFL is not reducing instead they are increasing for existing customers. Paying at the interest of 11.75% is every expensive. I feel cheated. Please any one from this forum advice what i can do in this instance.
I am also facing same problem. I have taken the loan on 2007 from LICHFL and at that time the interest was 9.25. Now it is 11.75 and RBI instructed the banks to reduced its ROI, but LICHFL is not reducing instead they are increasing for existing customers. Paying at the interest of 11.75% is every expensive. I feel cheated. Please any one from this forum advice what i can do in this instance.
Even the have the same problem. I have been paying emi since 2015 with faith that interest rates would be same for all its customers but its not. I even met the manager and asked why is the interest rate is only increasing and does not reduce for existing customers and offer lower rate for new customers. The reply i got is that it's offer period. is this not cheating customers. Why the offer not applicable to a floating interest customer. Why nobody is able to question them and correct them. I feel cheated.
Same happened to me.. LIC never reduced ROI until I asked them and paid 1150rs to get it reduced. This is one way of cheating customer and loosing its reputation. Atleast they should inform customers via email/message to make aware of the procedures to get it reduced. Another big cheating is LIC attracts new customers with lowest interest rate whereas for existing customers it is still at high.
If you call LIC branches no one will be available to pick the call. Very poor service. Feeling frustated.
If you call LIC branches no one will be available to pick the call. Very poor service. Feeling frustated.
LIC is a BIG CHEAT . LIC did not reduce ROI until I approached them and submitted the form which I came to know only now, after 7 years of paying 11.5% interest up until now. When confronted the Manager that it is their duty to inform the existing customers through SMS regarding ROI reduction, he did not answer properly. He said that he will reduce to 9% after submitting a form and pay Rs 1150 towards change over charges. I feel really let down. Is there a way to claim the amount we paid in excess over the period from when RBI announcement of reduction in interest rates came into effect, since it is the LICHFL's duty to inform its customers about the reduced ROI to their existing customers.
I have taken home loan from Lic from July 2012
My plan term is 10 years.
1. 3 years is fixed 10.7%
2. 7 years is floating rate 11.9%
once floating rate started in august 2015 they charged 11.9%
I visited LIC branch brigade road bangalore and paid Rs.1150 they reduced interest rate to 10.7%.
Recently i visited further reduction (reduce upto 9%) but branch official informed they will not change and mentioned it is one time change.
This is cheating.
How can i approach to reduce the interest rate
My plan term is 10 years.
1. 3 years is fixed 10.7%
2. 7 years is floating rate 11.9%
once floating rate started in august 2015 they charged 11.9%
I visited LIC branch brigade road bangalore and paid Rs.1150 they reduced interest rate to 10.7%.
Recently i visited further reduction (reduce upto 9%) but branch official informed they will not change and mentioned it is one time change.
This is cheating.
How can i approach to reduce the interest rate
Hi,
I have also just noticed that the ROI has been increased to 11.50% without any notification. (LIC -Tenyampet, Chennai office)
Actually, I took loan 2 years back and they mentioned it will be fixed interest of 9.7% for two years and later it will be floating interest.
But, the dramatic increase of 2% without any intimation is unacceptable in any mean. (We all primarily go to LIC/SBI as there won't be any hidden charges comparing to their private counterparts)
I request you all create awareness among your friends and relatives and be careful of these kind of hidden activities.
I have also just noticed that the ROI has been increased to 11.50% without any notification. (LIC -Tenyampet, Chennai office)
Actually, I took loan 2 years back and they mentioned it will be fixed interest of 9.7% for two years and later it will be floating interest.
But, the dramatic increase of 2% without any intimation is unacceptable in any mean. (We all primarily go to LIC/SBI as there won't be any hidden charges comparing to their private counterparts)
I request you all create awareness among your friends and relatives and be careful of these kind of hidden activities.
Yes LIC being the government institution, they loot money from innocent public . Its is quite unfair that when they are supposed to reduce the interest they need us to inquire and pay them the processing fees on the other hand when the interest rate increases without notifying they would increase the rate or increase the loan term duration. I have done the same exercise and had reduce my interest rate to 9.65% last September and again I was told that for next 1 year I will not be eligible for any reduction, need to check with them and have to see if they would revise the rate . On serious note LIC is not advisable for the home loan, rather look for any other bank or institution.
bharat wable's reply, Sep 8, 2017
Current ROI is 8.8.. visit ur branch and submit cheque of 1150.
When dis the home loan interest rate reduce to 8.8% for existing customers?
Lic is very deceptive with the staff taking ages to respond after the loan is disbursed and do not update the rates implicitly for floating rate loans. Most of their staff is under qualified for any queries regarding prevailing rates and lazy to check with their subordinates. It is a mistake to take loan from them, which I learned the hard way. Hope they get a honest chairman who brings them on track.
I have been paying a rate of interest of 9.6 percent since 2years. To new customers, ladies - ROI is 8.35 percent. I went to the lichfl office and filled a form to reduce the ROI to current rate and a cheque for 1180rs. But the manager informed that the reduction to 8.35 can't be done. That's only for new customers. For existing customers it is 9 percent.
A clear case of cheating.
A clear case of cheating.
LICHFL is a really cheater or they failed to cop up with the existing requirement of the customer. Every ROI change I do visit their office which I never had to while taking the loan, the staff are utter slow and more over they made office to finish off their personal pending jobs. They are least bothered about losing the customer. I don't know how long this institute will survive. And the saddest part is that when ROI fall not information reaches but in case of increase it changes without any additional charges. Hard to understand.
for me also same there is no proper information about RBI reduce Rate of interest...
Dear All,
LICHFL Employees also demand 1 % of the Loan amount to process our loan applications and get it dispersed.
In a country like India, where owning a house is attached to the emotions and a matter of sensitivity.
Charging the customers is not right. This is actually penalizing the sentiments of fellow human beings.
LICHFL Employees also demand 1 % of the Loan amount to process our loan applications and get it dispersed.
In a country like India, where owning a house is attached to the emotions and a matter of sensitivity.
Charging the customers is not right. This is actually penalizing the sentiments of fellow human beings.
hello,
I have the same problem. Have been paying the loan for the past 4 years and realize the principle amount is not getting reduced due to the burden of increasing interest. My ROI is 11.25%, whereas the other banks are offering 8.35%.
It is indeed frustrating to see an institution as reputed as LIC tarnishing its trusted brand name with such practices. And why this differential treatment between old loyal customers and new ones.
I have the same problem. Have been paying the loan for the past 4 years and realize the principle amount is not getting reduced due to the burden of increasing interest. My ROI is 11.25%, whereas the other banks are offering 8.35%.
It is indeed frustrating to see an institution as reputed as LIC tarnishing its trusted brand name with such practices. And why this differential treatment between old loyal customers and new ones.
LIC HFL never informs its existing customers about the reduce in rate of interest.
Its on us to keep checking the current rate of interest and incase there has been a change in ROI we need to submit a form for the new changes to be applicable for our existing loan.
They will charge 1150/- for processing this change in ROI request
I am not sure if the procedure be same if there is increase in ROI.
As per the FAQ in LICHFL site the ROI is revised quarterly and decision willbe taken if to increase or decrease or not to change ROI.
so probably we have to keep checking the ROI once in a Quarter
ideally they should be atleast sending some email/sms communication regarding this changes
Its on us to keep checking the current rate of interest and incase there has been a change in ROI we need to submit a form for the new changes to be applicable for our existing loan.
They will charge 1150/- for processing this change in ROI request
I am not sure if the procedure be same if there is increase in ROI.
As per the FAQ in LICHFL site the ROI is revised quarterly and decision willbe taken if to increase or decrease or not to change ROI.
so probably we have to keep checking the ROI once in a Quarter
ideally they should be atleast sending some email/sms communication regarding this changes
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+91 22 2217 8600
+91 75 5267 6254
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they told me to pay 11, 800/- as a fees to reduce interest rate to 9% which was earlier 1150/- only.
they even donot give any confirmation on this interest rate, it will also get change after every quarterly review.
Previous rate : 9.6%
current rate : 11.5%
they even do not care about responding when i asked for shifting a home loan to another bank.
My cantact number is 9902757671