[Resolved]  Gic Housing Finance Ltd. — Cheating

We R. Gupta & D. Gupta had taken a home loan under file number G02972. At the time giving loan they offered me 9.25 % interest rate with the assurance that they will always be lower than the market. After two months they increased the interest rate by 11.75 percent where as others were charging not more than 1o.5 %, I have requested and took my case to their senior aurhorities but there was no hearing. We were in such a mental stress that we were just felt helpless and forcefuly paid what they demanded as one o[censored]s was without the job in between for few months, hence we could not transfer the loan to some other bank. We are trapped with the following company with the assurances that they will soon decrease the interest rate. Recently Govt. Of India has decreased the Bank Interest rate where as they are still charging the same.

I would like them to charge the interest rate as per the market but not more than the market and the govt. of India regulation. Following is the Name & address of the bank where my file is open:

Mr. Santosh Kumar
GIC HOUSING FINANCE LTD.
Noida Branch Office
B-104, Vishal Chambers,
Sector – 18,
Noida, UP
Tel: +[protected] / 2511751
Fax : +[protected]
Email : [protected]@gichfindia.com
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Aug 14, 2020
Complaint marked as Resolved 
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By seeing so many complaints on GIC Housing Finance regarding higher rate of interest on Housing Loan, after complaining here has anyone taken serious action against GIC Housing Finance.
RBI should take action against them as every single customer of GIC facing the same issue.
At the time of loan sanction they give rate of interest as 10 or 9 and while disburstment the rate of interest will be much higher.
Currently, all banks and financial company's providing home loans at as low as 10.5 or 10.15 rate of interest.

GIC Housing Finance, please stop this.

File no. 17035
Regards,
Nitin
[protected]
Actually i also had applied for the loan in GIC Pune Branch.My flat was under GP/TP plan and in Gram panchayat area. So other banks were not ready to pass the loan. So i decided to go for GIC housing finance. Imagine they sanctioned my loan however they asked me to give the 6% of loan amount as their comission. Its was around 1 L rs and that to in the form of Cash.i am confused whether really GIC HF asked for this amount or the person who is the agent of GIC is Fraud . Where i can confirm these thing?
Going through all the above stories regarding the home loans cheating ...i would like to ask one question????? WHY ANY ONE NOT APPROACHED COURT OF LAW when you feel cheated and betrayed instead of blaming your self as helpless...I advice you people to drag these to court of law and justified your potential of showing the common man power...no can cheat a common man ...just like our PM's Narendra Modi "SWACH BHARTH CAMPAIGN" let us sweep all these rogues from our country to keep clean India...hope u all get justice... Jai Hind...
damomca's reply, Apr 18, 2017
But is there any guranty for one day jusitice, i thnk in india not possible
In my experience GIC housing finance ltd is the worst place to take loans. They have offered me loan in august 2013 at interest rate of 10.75 and insisted on taking Kotak life insurance to cover the loan amount. Hence iam paying the Rs. 31320/- as EMI for home loan and Rs. 840 (interest plus principal) per month as EMI to pay off the loan insurance amount of Rs. 82120/- covered by kotak.
As of today most of the banks are offering loan at 9.5-9.8% but GIC HFL is not ready to decrease their interest rate. HDFC, SBI, AXIS, ICICI and other major banks are offering loan at 9.5% and ready to transfer my loan to their bank but GIC HFL is asking me to pay 2% foreclosure charges (~62000/-) for transferring the loan to other banks. When I told the GIC HFL Barakhamba road branch in Delhi from where i have taken loan they said this my loan is under special offer started by GICHFL from april 2012 onwards hence it is fixed for 5 years and if i try to transfer my loan to other banks i will have to pay the foreclosure charges and I can go to any authority to complaint in this matter.
GIC HFL like banks know that the initial few years the customer has to pay maximum interest and principal amount paid is nominal and this is the time banks earn maximum profit form the customers.
The national housing board unit of RBI passed a circular in 2007 and 2012 (circular DBOD. No. Dir. BC. 107 / 13.03.00/ 2011-12 dated June 5, 2012) that no bank or financial institution is supposed to charge foreclosure charges from customers if they want to transfer their loans to other banks or if they are willing to close the loan account by paying off the whole amount before time.
I have written mails to National housing board and RBI but it seems for the namesake they have just done a formality by passing the circular as there is no hearing on this by anyone and banks like GIC HFL are doing whatever they like.

Dr. Shashi Prakash Singh
Customer ID:[protected]
LOAN NO :HR[protected]
LOAN AMOUNT GRANTED :3167000/-by GIC HOUSING FINANCE LTD.-NEW DELHI
Hi,

without knowledge i have taken loan from GIC. for document fees they have collected 1000 without receipt,
for processing fees = administrator fees is 125000 and pre check 3000 and rate of interest also very high.
jest wondering why RBI dons't take a action against them. my advice is don't go for this GIC fiance it's smash your life.
Hi,

without knowledge i have taken loan from GIC. for document fees they have collected 1000 without receipt,
for processing fees = administrator fees is 125000 and pre check 3000 and rate of interest also very high.
jest wondering why RBI dons't take a action against them. my advice is don't go for this GIC fiance it's smash your life.
Bangalore Gram panchayat Also don't have permissions for issuing plans Up to G+4, Except GIC Housing finance ltd only providing loans on 4th floors ( in panchyat limits), Customers please conform with genuine Legal advisers.

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