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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 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
IN CASE OF A FORECLOSURE OF HOME LOAN, BORROWER''S MAIN, PERHAPS THE ONLY, GRIEVANCE VOICED IS SEEN TO BE AGAINST THE ADDITIONAL CHARGE HE IS REQUIRED TO PAY.
ACCORDING TO ONE'S UNDERSTANDING, HOWEVER, WHAT IS OPEN TO A MORE SERIOUS OBJECTION IS THE, COLLECTION OF INTEREST AS CALCULATED / INCLUDED IN 'EMI' FIXED ON THE BASIS OF THE FULL 'TERM'' OF THE LOAN AS ORIGINALLY CONTRACTED FOR, ALBEIT IT GETS REPAID PREMATURELY..
SHOULD THAT BE SO, THE POINT OF POSER IS;; IS NOT THE INTEREST SO COLLECTED BY ANY LENDING INSTITUTION EXCESSIVE AND INEQUITABLE?
vswaminathan
.
.
ACCORDING TO ONE'S UNDERSTANDING, HOWEVER, WHAT IS OPEN TO A MORE SERIOUS OBJECTION IS THE, COLLECTION OF INTEREST AS CALCULATED / INCLUDED IN 'EMI' FIXED ON THE BASIS OF THE FULL 'TERM'' OF THE LOAN AS ORIGINALLY CONTRACTED FOR, ALBEIT IT GETS REPAID PREMATURELY..
SHOULD THAT BE SO, THE POINT OF POSER IS;; IS NOT THE INTEREST SO COLLECTED BY ANY LENDING INSTITUTION EXCESSIVE AND INEQUITABLE?
vswaminathan
.
.
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Always go to public sector banks and HFCs, such as LIC, Indian bank, SBI etc...even if it means getting loan with many hassles...it will not make you to suffer in the long run...
Please avoid HDFC...
My advice, Pay the tax to the government and dont make the stupid choice of taking home loan in order to avoid paying income tax...
Paying tax to government is far better than paying the money to these blood suckers...