Comments
This is very true. HDFC bank increases home loan rate as the rate increases in the markets, but is unwilling to reduce the interest rates for existing home loan rate.Moreover it has even increased the penalty amount for Loan transfer.
Other private banks are also offering to switch the loan to new interest rates.
But HDFC seems to enjoying over the plight of people.
Can anybody post any email address so that email can be shot directly to some higher official for raising concerns ?
We the the existing users can form a forum and try to file a case against the HDFC bank in Supreme Court, questioning it's stand on not reducing Home Loan rates.
To be precise filing a case and following it up brings expenses.I guess given the numbers of HDFC bank customers 10rs/month/customer would be good enough for this without creating any extra financial burden on anybody. People what say ? Either lets do something or let them cheat us the way they can.
Well I am also open to thought :"that somebody form HDFC can express their bank's stance on not decreasing home loan rate for existing customers."
Other private banks are also offering to switch the loan to new interest rates.
But HDFC seems to enjoying over the plight of people.
Can anybody post any email address so that email can be shot directly to some higher official for raising concerns ?
We the the existing users can form a forum and try to file a case against the HDFC bank in Supreme Court, questioning it's stand on not reducing Home Loan rates.
To be precise filing a case and following it up brings expenses.I guess given the numbers of HDFC bank customers 10rs/month/customer would be good enough for this without creating any extra financial burden on anybody. People what say ? Either lets do something or let them cheat us the way they can.
Well I am also open to thought :"that somebody form HDFC can express their bank's stance on not decreasing home loan rate for existing customers."
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
I do not think HDFC would reduce the interest rates to the old customers where ever you go. The problem is with RBI & the government as well, as RBI is allowing banks to do such things.
I believe, RBI must give stick directions to the banks to not to impose any pre-closer charges, so that people can switch their loans to different banks if the current bank is not willing to reduce the ROI. It seems for me that financing institution lobbied the RBI & the government. I really do not under why we need to pay the penalty while paying back the loans.
I hope at least the RBI or the Government would take it as serious issue soon and direct the banks not to impose any pre-closure charges.
I believe, RBI must give stick directions to the banks to not to impose any pre-closer charges, so that people can switch their loans to different banks if the current bank is not willing to reduce the ROI. It seems for me that financing institution lobbied the RBI & the government. I really do not under why we need to pay the penalty while paying back the loans.
I hope at least the RBI or the Government would take it as serious issue soon and direct the banks not to impose any pre-closure charges.
Customer satisfaction rating Customer satisfaction rating is a complex algorithm that helps our users determine how good
a company is at responding and resolving complaints by granting from 1 to 5 stars for each
complaint and then ultimately combining them all for an overall score.
Read more
Read more
58%
Complaints
32726
Pending
0
Resolved
18405
View all 32726 HDFC Bank reviews & complaints
+91 22 6160 6161
+91 22 2498 8484
Branch 542, Trade World, A Wing, Ground Floor, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, India - 400013
View all HDFC Bank contact information
sdfsdf — Very High Interest Rate
Request to all new home loan borrowers. Never ever take home loan from this housing finance. Go only to Public sctor bank and LIC HF. If you can NOT get loan from them, do not buy the property. Waiting for the day when these private banks will be closed! Please come that day to my house. I will give you sweets.When every bank has reduced home loan intrest rate. These people have not. This is FINANCIAL TERRORISM at it's worst.
Let someone explain me. I took loan at 10.25% with in six months it went to 11 then to 11.75. Now it is at 10.50. New customers get @ 8.5 or max at 9. logic cost of Fund. If cost of fund was high for me, why while incresing it increased. While decreasing it did not decrease. What is the logic of Floating rate. All my friend's intrest rate who took loan (same time as of mine from other banks) now at 8.5 to 9.5 % range.