[Resolved]  HDFC Bank — Unethical practices of HDFC Bank

Dear Sir,

We have taken hom loan from HDFC Bank-File no[protected] on 30th april/2008.Loan amount was Rs 23 Lacs and it was floating type and interest rate in april was 10.25%.Bank kept on increasing rates at their whims and fancies and it was 11% in March/09.
However I was told by HDFC in March/09 that they have launched a new conversion scheme and if I pay 0.5% of outstanding pricipal sum ie Rs 12097-they will reduce my interest rate to 10.25% by changing the formula of interest calculation which was earlier RPLR Minus [protected]@3.5% to now RPLR Minus spread @4.25%.I was also told that any other reduction in RPLR will be passed on to us immediately.Incidently HDFC bank reduced the rates wef 25th march/2009 by 0.5%.But this benefit is not passedon to us.On enquiring, the bank has confirmed that since I already got the benefit of interest reduction once -next, benefit will be applicable to me after 3 months ie from july onwards.
My humble submission is that this is absolutely illegal as I paid conversion fee to change only one term and condition in march-before next cycle began and also interest rate reduction annoncement was also in March. My discount was increased from 3.5% to 4.25% and it has nothing to do with any thing else and as my loan is floating type-I should get the benefit of 0.5% reduction in interest rates from april and not from july as its being done in case of other customers by HDFC Bank.Its mental torture to poor consumers and you need to intervene/investigate before situation goes out of control.
Please help.
sanjay sood
Plot-D-13, Kartik Kunj appartments, House C-802, sector 44, Noida-UP. Mobile : [protected] and Tel[protected]
Email : [protected]@rediffmail.com