HDFC Bank — Home Loan rate not reduced at par with new customers

HDFC Bank — Home Loan rate not reduced at par with new customers

A Amit Ladha from Visakhapatnam, Andhra Pradesh

Recently, HDFC had reduced home loan rates to 9.75%.On enquiring about my existing home loan rate which is presently at 11.5% and on next cycle be effective 11%(I would still be paying extra interest of 1.25%), I was shocked to know that I would be charged home loan at same rate and this reduction in ROI is only for new customers. This makes us feel that we have done a mistake taking home loan last year.On enquiring about new rates, i was told that only spread has been reduced and not PLR.As it is we are burdened by falling economy, please dont make us over-burdened by "NOT PASSING THE BENEFIT OF REDUCED ROI" for existing customer like us who have recently availed home loan last year. I would sincerely request your team to take corrective action & reduce my burden on interest further facilitating better home loan management from my side.This would imbibe faith on HDFC's philosophy that "they also care your existing customers". Looking forward for a favourable response from your side. Was this information helpful? No (0) Yes (0)

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Comments

NIG

from Kolkata, West Bengal

Guys

I have created a group for HDFC home Loan customers.It shall tackle the issues related with HDFC .This Group is open to all HDFC loan customers of New Town Height and Express Grens Memebers or for any different property they may hold.We will only be discussing related with HDFC Home LOAN.

In case you guys have taken a loan from HDFC please join it.

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

Group Name Changed.

I also have loan from HDFC & its no fun paying them this high rate of interest.

They keep offering lower rates to new customers once they fall in tran the interest rate for them also goes up.

This group is for existing home loan customers.

Lets get together & Thanks for your support.

Regards

Nitin
[protected]

Hello

from Noida, Uttar Pradesh

HDFC is not reducing ROI for there existing customer, even they have increased the foreclosure charges from 2% to 3 %.

I sincerely request RBI to take corrective actions against these unethical practices followed by HDFC Banks.

saviosden

I had got the same answer.

I had taken a Loan on 10.25%. They have kept me still on 10.25 and have no plans to lower it.

It seems it is only applicable to new customers.

Regards,
Savio Fernandes

Shadab Khan

There is a lot of variation in the ROI charged by them from customer to customer, and they always have some vague explanation to it. There is no rule, it's totally there 'dadagiri'.
And the installment of each month needs to be checked with their EMI calculator, specially when the disbursed amount keeps changing.
RBI needs to overhaul them properly.