[Resolved]  HDFC Bank — unreasonable HDFC interest rate

Do not go with HDFC. They do not know about reduction in interest rate. They will only increase interest rate. Currently they are offering 9.75% for new customers. Do no get cheated by this. With in three months will increase it to 11.75 which existing customers are paying.

Absolutely agree. Mr Parekh should stop blaming SBI for gimmick and instead worry about the backlash on HDFC's high interest rates.

I have a home loan with HDFC since 2002.They have increased the EMI by INR 7000 every month and asking me to pay the increased EMI of 27000 every monthand also pay an arrears of Rs 49000.When RBI has slashed the interest rates i dont understand what they mean.Is it a punishment for opting for floating rates?

I agree with you.I have same sore feeling as well, Can we take upthis issue as group and stop this kind of harassment by HDFC bank
thanks and regards

Guys no point taking all this here lets get together & Take the fight to HDFC.

I have created a group on Yahoo join it so that we can approch HDFC with our demands.

changed the name of the group

http://in.groups.yahoo.com/group/hdfchomeloancustomers/



Nitin Grover
Advocate
[protected]

I am also a victim to this. Lets group and do a Dharna in front of HDFC bank. We should have banner against HDFC and also against Congress party who heads center. They have the power to control such a thing(via RBI actions/measures), but they are not doing so, since they are eating money from private banks. Let regroup and put up a big rally. I have created a group here, please enroll. The name is http://groups.yahoo.com/group/against-HDFC-injustice/
My name is Anil and I live in Bangalore. Let plan to group up and have a rally to protest. Please read the message on the above group and provide your ideas aswell. Again you can reach me at: Reach me at [protected]@gmail.com.

tranfer your home loan to LIC or new home loan
only BANGALORE CITY pepole contact

ASHOK RAJ
LIC OF INDIA
BAGALORE-560001
MOBILE NO-[protected]
E-MAIL- [protected]@yahoo.co.in

IN MY OPINION HOLDING DHARNA IS CRAVING IN FOR CHEAP POPULARITY AS IS COMMON AND PREVALENT ALL OVER INDIA. THESE ARE CHEAP POPULARITY STUNTS THAT POLITICIANS AND ALIKE DO. EVEN POLITICIANS ARE NOW REFINED AND ARE MORE AT PAR IN THEIR ATTITIDE AND FUNCTIONS AS IS IN VOGUE IN MOST OF THE ADVANCED COUNTRIES, THESE KIND OF ATTITUDE AND CHEAP GIMMICKS HAS TO BE PUT AN END TO. WE INDIANS NEED TO ADVANCE OURSELVES INTO MORE ADVANCED LEVEL OF THINKING AND POSE OURSELVES A QUESTION AS WHY THESE RATES ARE SWINGING? THESE ARE VAGARIES OF ECONOMIC CLIMATE THAT RULES ALL OVER THE COUNTRIES AND NO BODY COULD BE BLAMED ABOUT. PREMIER INSTITUTIONS LIKE HDFC. HDFC IS NOT A FLY BY OPERATOR WHO LOOKS FOR SHORT GAINS. IN MY OPINION THEY HAVE A LARGER SOCIAL RESPONSIBILITIES IN BRINGING INDIA INTO ITS FORE FRONT IN THE WORLD FORUM. IN THE HELM OF AFFAIRS OF HDFC IS THE MOST RESPECTED PERSON EVERY INDIAN WOULD KNOW OF IS MR DEEPAK PAREKH. LET US NOT REACT IN HASTE AND BE LOGICAL TO WHAT WE DO. AFTER ALL INDIA HAS TO SHINE AND MOTHER INDIA HAS TO BE IN FORE. JAI HIND. - RADHIKA

I took a HDFC home loan around 3-4 years back for 20 years and currently having a ROI of 11.5%. They are reducing it to 11% from the next cycle. I feel it should be far less than this...Any thoughts on what the actual interest rate should be and any solutions apart from transferring the loan to another bank?

I am also a victim of increased EMI by HDFC . I have a house loan with them since 2004.Inspite of RBI
slashing the interest rates HDFC hiked it and also made me pay rs 51000 arrears.This is traocious .My monthly Emi has laso increased by Rs6000

Hi,
I'm complaining against HDFC for un ethical business practises and also against the rBI for not regulating the pvt banks (ICICI and HDFC) from looting the public in the name of Floating Rate which only floats upwards faster than lower side.
pls join me or complaint against these two banks Online or thru simple e-Mail and or send the complaint and document against these banks at http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=164 there is provision to send the email online if not then note down the address and send your complaint to the relevant location
To complain against RBI pls send a formal somplaint and send the documents to

Reserve Bank of India,
Complaints Redressal Cell
Mumbai Office
1stfloor, Main Building,
Shahid Bhagat Singh Marg, Post Box No. 901
Mumbai 400 001.

or to

Shri. A.K.Bera,
Chief General Manager
Reserve Bank of India
Plot No. 3, Sector 10,
H.H.Nirmaladevi Marg
Cbd, Belapur, Navi Mumbai 400 614


Thanks

Vinayak

Dear Friend,

I would like to make you alert on few details regarding HDFC and other limited companies.

HDFC LTD is a limited company and is not a banking institute.
It is a self regulated financial organization and is not at all regulated as a refinancing institute or is not a Banking institute. Sales officers makes people fool by stating HDFC Home loan as part of banking division. Even interest rates charged by HDFC is very high which is increased in subsequent years.

As such rates of interests for home loan are definitely regulated by RBI but limited and private companies do not fall under their per-view. These companies fall under company Act and not under Banking Act.

At time of taking loan these companies promises low rates of interest and then increases rates of interest in subsequent years, which increases your burden of repayment in form of slow poison eating your lots of money.

I will share my personal experience:

I have a very bad experience with HDFC, My loan of 11 lac with tenure was only 20 years and was promised with 3% discounted rates for my loan account as the company with which I was working was a corporate client of HDFC, so my loan started at 7.25% rate of interest and a low EMI of 8595/- Rs only.

In later stages HDFC revised rates of interest stating that my loan is on floating rates, where as no discounted rates are applied to my account. More on no reduction in rates are done at all even when rates of interest of other banks and institutes fall down. Even when they offer low interest rates to new customers – on my inquiry they asked for a proceeding fees of almost 12 thousand rupees to revise the rates of interest.
My EMI is also revised to 10, 526/- Rs and the tenure is now increased. Today even after paying EMI for more then 6 years my tenure of repayment is more then 18 years and EMI is increased from 8695/- Rs per month to 10526/- Rs per month. So I will end up paying money to HDFC for more then 24 years.

So I will end up paying four additional years with new EMI to HDFC which will make me a loss of almost 10-12 lac rupees.

HDFC is offering new customer 8.25 rates of interest where as even when I am a old customer with corporate tie up with the company – I am charged almost 11% rates of interest and I am screwed up by paying more EMI.

I have started legal proceedings against HDFC – and warn you all that dont take loan from HDFC other wise your people will also end up in soup and will have to pay huge for small things.

REQUEST YOU ALL TO TAKE LOANS ONLY FROM BANKING INSTITUTES AND NOT FROM ANY LTD COMPANY--
Ask following questions at time of taking loan.

1.Is the company having word “Bank” in its name.
2.If the company is refinancing company - take in written that – rates of interest in the company will be regulated as per RBI norms.
3.Only those people whose files are not getting approved from banks and documents are not clear enough and are in need of loan should opt for such institutes, but mind it these ltd companies slowly increases rates of interest and eats away your lots of money charging high rates of interest.

PLEASE NOTE – HDFC is a limited company and not a BANK. Only banking institutes or company with word “Bank” in its name are regulated by RBI.
Before signing any document of ltd company please read the terms and conditions completely and take a lawyers advise if needed before going ahead to sign the same.

Please disseminate this information to all your friends and relatives so that they are not cheated by any private company in case of loans / home loans.

In public interest by:
Pankaj Kakani

I convereted the interest rate from 11.5 to 9.75 now they have again increased to 11%. Now they are asking me to pay 12k for 15L outstanding loan to get back to 9.5.
What the hell is going on? They are looting customers.
Its been less than a year I have paid them.
My number is [protected].

Dear All,

I have taken loan of 9 lac five yr ago @9% but since then I have been victim of higher interest rate change...on an average I have been paying 11.25%...now they have changed again to 12.25%...when I called them this time they said give 7500/- rs and can avail 9.75% rate, I don't understand why they are charging very high rate...after rough calculation I found that I over paid 65000/- rs in last five years. I do appreciate if any one give me good advice how I can fight with HDFC the money they have taken by cheating.

Shail