First Blue Home Finance Ltd / Deutsche Post Bank Home Finance — Exploitation of customer by charging 14% and 18% floating interest rate on my home loan
Hohomeloan customer on Jun 25, 2011
First Blue Home Finance has communicated to me that it will charge 14% and 18% floating interest rates on my two home loans above Rs. 1 crore which were disbursed in 2006 at a floating rate of 7.15%. In the market, other banks widely disburse unsecured personal loans and car lonas at a rate lower than 14%.
Fisrt Blue Home Finance which is a subsidiary of Dewan Housing Finance company was earlier known as Deutsche Post Bank Home Finance till 2010 and Birla BHW Home Finance till 2007.
These home loans were disbursed in 2006 at rate of 7.15% with a communication from BHW that the interest rates on my floating rate home loan will be kept at an interest rate which will be the lowest interest rate extended to any customer by BHW.
From 2007 till now, this bank has charged floating interest at a rate of 12% and 16% on my home loans and did not reduce it when the interest rates on home loans were lowered by RBI and other banks to around 9%.
There are huge foreclosure charges in case I try to move these home loans to some other bank.
The bank has also informed me that in order to keep the floating interest rates at 12% and 16%, I need to pay a huge sum which makes no sense.
Clearly the bank is trying to exploit me, the customer, by twisting my arm after it has created a situation that I remain with the this bank and it keeps charging me interest rates on my home loan as per the bank's wish and will.
Kindly look ito and help me. If you need any more details on this complaint, please contact me at firstname.lastname@example.org. I can provide my loan statements and communications from the bank to support the facts mentioned in my complaint.
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