[Resolved]  Gic Housing Finance Limited — disbursement of loan with high rate of interest

I CA Kailash Chandra Soni taken housing loan from GIC Housing Finance Limited but I found commitment/advice given by representative of company at the time of disbursement not correct in my case The details given below where I am chitted by GIC Hosing Finance Company Limited

I have taken a Housing Loan from GIC in the month of Dec.2006 for Rs.8.10 lacs (file No.G05225) for the period of 20 years. As per the advise taken from Kolkata Office I had proceeded to reduce the tenure from 20 years to 10 years for getting the benefit of rate of interest reduced by 0.5% with the payment of processing and administrative fees of Rs.3, 000/- only but I found that the advise given by Kolkata Office is not beneficial to me due to following reasons :

(1) Re-schedule of tenure from 20 years to 10 years has been accepted and offer letter/sanction letter given to me vide File No.G06034 dated 31st October, 2008 for Rs.7, 78, 082/- for a flexible rate of interest @ 11.75% p.a. and EMI per month given in the said letter is Rs.11, 052/- p.m. At the time of disbursement of loan the rate is given in the disbursement letter is 12.50% p.m. instead of 11.75% given in the sanctioned letter which is not communicated to me and confirmation taken from me regarding increase of interest rate applicable in the disbursement letter.

(2) As per my information there is no increase in the interest rate between the date of sanctioned letter 31st Oct, 2008 and date of disbursement letter dated 31st Dec.2008 in anywhere in India.

(3) At the time of disbursement of loan no intimation as well as confirmation was taken from me regarding increase of rate of interest from 11.75% as previously sanctioned and applicability rate is 12.50%.

(4) The processing and administrative fees applicable to me is only Rs.3, 000/- which was paid by me is Rs.10, 000/-

On the basis of above facts I am totally surprised that the services given by this organization are not upto the standard expected by the customers.

KAILASH CHAND SONI
R.KOTHARI & COMPANY
NEW B.K.MARKET,
16A-SHAKESPEARE SARANI,
KOLKATA-700 071

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