[Resolved]  Axis Bank / Home Loan - Floating Rate — WRONG CALCULATION OF INTEREST, CHARGING EXCESSIVE INTEREST RATE AND MORE

THIS HAS REFERENCE TO MR SYED IMTIAZ AHMED [VP, MORTGAGES], MR PRASAD LELE [MGR, RETAIL BANKING] AND OTHERS OF AXIS BANK

THIS HAS REFERENCE TO THE BANK'S LETTER IN RESPONSE TO OUR QUERIES AND INQUIRES !

AT THE OUTSET I MUST SAY - THAT THE BANK'S RESPONSE, COMING AFTER OVER A YEAR AND A HALF - SURE COMES ACROSS AS VERY SHODDY, PATHETIC AND SAD !!

(A) THE BANK'S RESPONSE TO THE MRR - THAT WE HAVE SIGNED IT - YES, WE AGREE. BUT THAT WAS NEVER THE ISSUE - WE HAD CLEARLY SPELT OUT THAT THE ISSUE WAS THAT WHEN WE ASKED IF THE RATES CAN BE REDUCED OR ALTERNATELY THE MRR MARGIN CAN BE INCREASED - WE WERE TOLD THAT THAT IS NOT POSSIBLE - WHILE IN OUR SUBSEQUENT MEETINGS IT WAS VERY AMPLY CONVEYED THAT THE VALUE OF RATE BELOW MRR VARIES FROM CUSTOMER TO CUSTOMER - & THIS NOT TOLD AT THE TIME OF DISBURSING THE LOAN - WE CONSIDER THIS AS INFORMATION BEING WITHHELD, A WAY TO CHEAT THE CUSTOMER !! MR PRASAD LELE WOULD REMEMBER OUR THE DISCUSSION HE HAD AND HE MENTIONED THAT 3% BELOW MRR IS OFFERED TO CUSTOMERS WHOSE LOAN AMOUNT IS LESS THEN 70% OF THE COST - WELL THEN OUR LOAN AMOUNT WORKS OUT TO BE 59% OF THE COST AT THE TIME OF PURCHASE - THIS I WAS TOLD WAS BECAUSE OF THE RISK FACTOR - SO WHY THE DISPARITY IN WE BEING OFFERED 2.75 % BELOW MRR????

(B) FURTHER, THE BANK HAD VERY CLEARLY TOLD US THAT THE RATES WOULD BE KEPT AND MAINTAINED IN CONSONANCE WITH THE MARKET RATES AND SO, WOULD BE THE SAME AS THAT OFFERED TO A NEW CUSTOMER - AND RIGHTLY SO WHEN THE RATES WERE INCREASED - OUR RATES WERE ALSO INCREASED IN TANDEM WITH THE NEW CUSTOMERS - HOWEVER WHEN THE RATES DROPPED - THE SAME WAS NOT FOLLOWED - WHY ????

(C) INTEREST IS BEING WRONGLY CALCULATED BY THE BANK. WE HAVE CALCULATED THE INTEREST AS PER THE WAY TOLD BY THE BANK AT PUNE AND THERE HAS BEEN AN UNEXPLAINED DIFFERENCE WHICH REMAINS UN-ANSWERED BY THE BANK EVEN AFTER A YEAR AND A HALF.

(D) THE ISSUE OF LEAP YEAR REMAINS IN DOLDRUMS - THE LETTER OF SANCTION MENTIONS THE RATE OF INTEREST AS 9.5% pa - THEN IT IS NOT UNDERSTOOD AS TO WHY IN A LEAP YEAR AM I CHARGED FOR ONE EXTRA DAY - COZ, PER ANNUM MEANS - WHAT EVER THE YEAR IT IS - WHETHER A LEAP YEAR OR NOT - YEAR IS A YEAR!!

(E) AND THE BANK HAS THE CHEEK AND THE AUDACITY TO TELL ME AFTER ONE AND A HALF YEAR THAT THE BANK WOULD RETURN / AMEND THE WRONG ROUNDING OFF OF INTEREST - IF I TELL THEM !!! DOES THE BANK NOT HAVE MY ACCOUNT DETAILS WITH THEM TO CHECK WHERE THEY HAVE DONE - " INTENTIONAL WRONG ROUNDING OFF !! " - I SAY SO BECAUSE THE SYSTEM HAS BEEN SO PROGRAMMED TO DO THAT AND MANISH GUPTA, BANK RAC I/C EVEN TRIED TO ME BY SAYING THAT IT WAS RBI POLICY - I AM SURE MANISH REMEMBERS !! THIS IS MORE SO EVIDENT BECAUSE IT TOOK THE BANK MORE THEN 18 MONTHS TO AGREE TO OUR CONTENTION OF ROUNDING OFF!

(F) IT AMAZES ME AS TO HOW THESE BANK PEOPLE CAN LOOSE THEIR OWN CONSCIENCE AND SPEAK / WRITE LIKE THAT - DOES WORKING IN THE CORPORATE WORLD MEAN THAT THEY HAVE NO COURAGE OF CONVICTION AND BE ABLE TO DIFFERENTIATE BETWEEN THE RIGHT AND THE WRONG AT ALL ! WHERE HAS THE ETHICS OF HONEST BANKING GONE OR ARE WE LIVING IN THE WORLD OF SHYLOCK SEEKING A POUND OF FLESH ???? (OF SHAKESPEARE'S MERCHANT OF VENICE FAME)

AT THE END, I WOULD ONCE AGAIN REITERATE THAT ITS NOT ABOUT A FEW BUCKS FOR ROUNDING OFF OR INCORRECT CALCULATION FOR A LEAP YEAR OR STRANGE CALCULATION OF INTEREST TO ONE INDIVIDUAL LIKE ME --- IT IS ABOUT THE BANK INTENTIONALLY HAVING A SYSTEM ON COMPUTERS DESIGNED TO CHEAT NAIVE AND UNASSUMING CUSTOMERS AMOUNTING TO CRORES OF ILLEGITIMATE WEALTH TO THE BANK.

MR TIGGA OF THE BANKERS' OMBUDSMAN MUMBAI HAS ALSO BEEN IN THE LOOP FOR QUITE A WHILE NOW BUT NO CORRECTIVE ACTION HAS BEEN FORTHCOMING FROM THERE TO RESOLVE THE ISSUES. IS IT BECAUSE THE BANKERS' OMBUDSMAN IS TAKING PLAYING FAVOURITES, AS OF NOW IT APPEARS SO SINCE THEY ARE NOT COMMITTING/ RESPONDING.

PEOPLE PLEASE BEWARE WHILST TAKING A HOME LOAN ESPECIALLY FROM AXIS BANK
- CHECK THE MARKET RATE OF INTEREST AND THE RATE OFFERED TO YOU
- TAKE EVERY THING IN WRITING
- CHECK THE METHOD OF CALCULATING OF INTEREST
ASK FOR WORKING BY GIVING EXAMPLES
- ASK THE SILLIEST QUESTION - REMEMBER U ARE AT LOSS I[censored] DO NOT CHECK THOROUGHLY - EVEN SILLY QUESTIONS LIKE HOW IS ROUNDING OFF DONE OR HOW IS INTEREST CALCULATED IN A LEAP YEAR OR HOW WOULD THE FLOATING RATE OF INTEREST WORK AND WOULD THEY KEEP IT SAME FOR EXISTING CUSTOMERS AS FOR THE NEW CUSTOMERS - REMEMBER THE RATE OF INTEREST APPLICABLE VARIES FROM CUSTOMER TO CUSTOMER - TRY AND GET THE BEST POSSIBLE FROM THE BANK - IF THE BANK TELLS YOU IT IS FIXED - THEY ARE LYING - AS THEY DID TO ME - THIS IS HOW BANKS DUPE US !! - I[censored] NEED HELP MAIL ME - I HAVE SUFFERED AT THE HANDS OF AXIS BANK AND DONT WANT OTHERS TO SUFFER !
[protected]@yahoo.com

JAGO GRAHAK JAGO
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Aug 14, 2020
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housingloan — Wrong calculation of intrest

i Have taken the loan at andhrabank for an amount of 8 lakhs for an interest rate of 10.25 due to market changes the intrest rate was now changed to 10.75 but the bank is charging @11% so what should be my approach to resolve the problem..

Axix Bank Home Loan — Why the interest rates for existing Home loans not yet reduced?

Hi All,
My Name is Amit Rajput, have taken an home loan (acc no- [protected]) in June 2007 from Axis Bank, One question to Bank authorities is why the floating rates are not reduced when other banks have declared their reduction. When there was an increase that time within one week we got the letter that your tenure has been increased but see the difference when it is reduced on wef 27.11.2008 till date no action taken.
I may be wrong but if yes bank has taken some steps to give some sort of relief to the customers then please please revert with the details.
Thanks for the help.
I have also sent two reminder to Axis bank regarding my current interest rate. But no reply from them.
Usually they give reply immediately on other queries.
If Axis bank is not transparent in these case then we may think to switch to other bank.
Why Axis bank is not mentioning current inerest rate in internet banking account.
To whome we can take this matter or We can camplaint.Please give me mail ID.I will compaint against Axis bank.
I have applied for Home loan before 5 to 6 days. I feel unwanted documents are asked from me. Pleasee help me in getting home loan.

Home Loan — Floating Rate of Interset in bank Loan

Sir,

I have taken Home Laon from HDFC Bank on Floating Interst Rate In the Month of October.

Whenever RBI cut interest rate their is qucik reduction of interest rate in new loan however for current user redution in rate came after 1-2 moths latter.it is not for my loan only but became the policy of all Pvt. bank. is it fair ? as people have taken loan on floatin interest rate they should get benefit of reduction in rate.

Banks are immediatly reduce rate for new loan to get more business. but for current loan they do not pass the benfit immediatly.

Please tell me what can i do???

Regads,
Rushabh Shah.

Axis Bank Ltd — Taking more rate of Interest

Hi,

I applied for a car loan with axis bank, they approved the 3.05 lac of loan with 11.50% of rate of Intrest and when I actually Enquired with the bank twice they told me that rate of Intrest for Corporate Salary account holders is 10.75%, but the bank is taking 11.50% from me. I want Justification.
Rate of Interes 8% in market but it takes 9.50 % this is very bad,
Today I am being charged 9.75% iterest rate. I have opted for Floating rate of interest. They are not reducing as per actual market rate

Home Loan — Excessive Interest

I have taken a Home Loan from SBI, RACPC Rourkela of an amount of Rs. 8.0 Lakhs

On completion of the house and home loan amount regularly visit the RACPC to get start the home loan deducted. (EMI). But they never gave any importance.

After eight months I came to now that penalty amount has been added to my home loan account because I was unable to pay the disbursement amount (EMI). Wheras I have already submitted PDC's for deduction of loan amount and my account has suffiecient balance to get deducted.

The AGM - RACPC agreed there mistake (Not linking my SB A/C to Loan account) and commited to refund back the excess amount, but I need to deposite the whole penalty amount first.

I deposited the same amount to the bank, but its more than 02 months I have not got my refund back beside the positive committment of the RACPC AGM.

Axis Home Loan — Axis Bank is very bad because it is not inform me what will the floating rate of interest for five year(home Loan)

Dear Sir
Sir i want to know that what will apply floating rate of interest in Axis home loan.
I am charged 12% for Floating rate of interest for 15.8Lakhs Loan, now the interest rate in market is 10.75%. If I ask them Why 12% they are asking me to pay 1% of loan outstanding or Rs.10000/- which ever is higher. While taking loan they never told me that they will charge money to reduce interest when the market rate comes down.
I am in the same situation as when I applied for the for the loan in Jan-2008, it was agreed to be 3.25 below the MRR. Now in my recent statement it is still charging me 12% instead of 11.5% whilst at present the MRR stands at 14.75 (source :http://www.axisbank.com/personal/loans/home-loan/home-loan-faqs.aspx)
When I put up this to customer care ..no response yet..

I would not recommend anybody to go for the Axis Bank home loans...specially the floating rate...

My online banking is not working

I don't know why but my online banking is not working. Even if I ask for one time password its not generated in my mobile. Could you please look into the matter. I have asked several times in bank also but no one could rectify it.

About benneton bag

I Deposited cash as per message of axis bank 2 times but till now I didnot receive any bag. Date of deposite are 10/08/2015 Rs10, 000/ Dt 30/01/2016 Rs 20, 000. my mobile no is [protected]. My a/c no is [protected]

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