Comments
LOANS BY PRIVATE BANKS IN INDIA — INTEREST RATES DIFFERENCE IN PUBLIC AND PRIVATE SECTOR BANKS
from"skgupta_b ." <[protected]@sify.com> hide details 3:18 pm (2 minutes ago)
to
[protected]@rbi.org.in
date Mar 6, 2009 3:18 PM
subject URGENT TIME BOUND SOS MESSAGE BEFORE GOING ON DUE AND ESTABLISHED LEGAL PROCESS OF INDIA TO RIASE THE ISSUE OF PUBLIC INETREST NATURE RATHER THEN INDIVIDUAL ISSUE AT ALL SO FAR .
mailed-by sify.com
MOST URGENT MESSAGE
Respected Sir,
For the last one year I am raising this issue but unfortunately due to its heavy financial impact on the exiting undue profit making
and monopolistic activities no private banker has come to resolve the matter including the officials of the RBI . But it is indirect invasion on the innocent pockets of effected people of the country and RBI is also not doing its due role . If there are no existing system/laws/policies framed by the legislature then RBI should do the advisory role to get these amended so that parity may come between public and private sector banks and innocent citizens of the country may not be effected by the shaukari system of private bankers.
In brief I am writing to your highest responsible POSITION and personality with still positive hope that you will certainly do all the desired steps in the interest of nation at all.
With best regards,
SHIV KUMAR GUPTA
M.P.A., L.L.B, M.H.R.M
154-F, GHANDHI DHAM
NEAR BUS STAND
JAGADHRI-135003
E-mail: [protected]@sify.com
Phone Resi:[protected]
MOBILE: [protected] [Haryana]
[protected] [DEHLI]
[protected] Forwarded message[protected]
From: skgupta_b . <[protected]@sify.com>
Date: Mar 6, 2009 2:48 PM
Subject: URGENT TIME BOUND SOS MESSAGE BEFORE GOING ON DUE AND ESTABLISHED LEGAL PROCESS OF INDIA TO RAISE THE ISSUE OF PUBLIC INETREST NATURE RATHER THEN INDIVIDUAL ISSUE AT ALL SO FAR .
To: [protected]@icicibank.com, customer.[protected]@icicibank.com, [protected]@iba.org.in, [protected]@hdfcbank.com
TO
ICICI BANK/HDFC BANK/IBA/RBI
Since matter was pending with with me for PIL u/s 32 of the constitution of India as law student to rise the monopolistic /biased /one sided activities of all the private banks as compared with public sector banks of the country resulting in grabbing of huge money of innocent and uneducated /unawared people of the nation and its ramification of very wide nature on the economic system/position of the people. Recently public banks are offering home loan at the rate of 8% as against the 11 % by private banker and case to case biased policies .
Thus to be in brief do reply within 48 hours why this public interest issue should not be raised in the Supreme court of India as per the legal system of the country as a law student, by myself.
- Hide quoted text -
SHIV KUMAR GUPTA
M.P.A., L.L.B, M.H.R.M
154-F, GHANDHI DHAM
NEAR BUS STAND
JAGADHRI-135003
E-mail: [protected]@sify.com
Phone Resi:[protected]
MOBILE: [protected] [Haryana]
[protected] [DEHLI]
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 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]
Same case, I had taken loan from DHFL, that time the market intrest rate was 8.5 % or less, but they charged me 12.3 %, due to market change they have raised the intrest rate to 13.25 %, now all others are redused to 7.5 % to 8.5%, now they are continuing with 13.0% for old loans, which is a very high rate as compare to others
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
only BANGALORE CITY pepole contact
ASHOK RAJ
LIC OF INDIA
BAGALORE-560001
MOBILE NO-[protected]
E-MAIL- [protected]@yahoo.co.in
SGPGIMS — cheating in the name of alerts
I have been cheated of nearly Rs 300 in the last year on account o[censored]nwanted cricket alert or bhajan alerts etc. I get a message that Rs 30 is being deducted for alerts. In the end of the message fake numbers are given one is [protected] and one is 51234030.I would like to register my complaints.
What can the customer do for such blatant cheatings?
Is there anybody who cares for customers in this system or you all are getting good kickbacks to make this cheating business part of your income plan.
What we need is RBI intervention to stop this discrimination between new customers and existing customers. Banks should charge only one set of interest rates for new and existing customers. This will force banks to reduce the rates. Now these banks like HDFC and ICICI has no pressure to reduce rates. They get new customers with low rates while charging existing customers with a higher rate. We need justice.
Dear All,
Be careful, before taking HDFC housing Loan, They have made me a fool they are not follow any RBI rules.
I would like to explain all things, I have taken a loan amount INR 6, 53, 000 @7.25%pa variable rate basis dated for 20 years dated on Nov 18, 2004, and when RBI has increased rate they charge me with the increased rate and when RBI reduced Interest rate they had not reduce my EMI, they told me that we will reduce your loan repayment period,
Now they are charging me a interest rate of 12.75%pa, now I am very much frustrated with this bank if you have any option please tell me it is vary helpful for me,
Usha Devi
Be careful, before taking HDFC housing Loan, They have made me a fool they are not follow any RBI rules.
I would like to explain all things, I have taken a loan amount INR 6, 53, 000 @7.25%pa variable rate basis dated for 20 years dated on Nov 18, 2004, and when RBI has increased rate they charge me with the increased rate and when RBI reduced Interest rate they had not reduce my EMI, they told me that we will reduce your loan repayment period,
Now they are charging me a interest rate of 12.75%pa, now I am very much frustrated with this bank if you have any option please tell me it is vary helpful for me,
Usha Devi
Most greedy bank ever I have seen. This is applicable to its insurance plans as well.
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
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
HDFC charges high rates, same is true with me. Thing is we can sue HDFC if they say they are not under RBI regulations.
Just go to consumer forum and register yourself. They will fight against HDFC bank and you will get all your money taken additional back. As floating rates are regulated based on RBI instructions.
Just go to consumer forum and register yourself. They will fight against HDFC bank and you will get all your money taken additional back. As floating rates are regulated based on RBI instructions.
Dear Friends,
Just go to:
CONSUMER DISPUTES REDRESSAL COMMISSIONS
in your respective states and lodge a complaint against HDFC / ICICI and any such bank doing so.
You may even file a police complaint againts bank for cheating. Just consult a lawyer - it will be resolved.
Law is definitely a painful process but Believe me it is always fruitful and in favor of customer.
Just go to:
CONSUMER DISPUTES REDRESSAL COMMISSIONS
in your respective states and lodge a complaint against HDFC / ICICI and any such bank doing so.
You may even file a police complaint againts bank for cheating. Just consult a lawyer - it will be resolved.
Law is definitely a painful process but Believe me it is always fruitful and in favor of customer.
Dear Friends,
Just go to:
CONSUMER DISPUTES REDRESSAL COMMISSIONS
in your respective states and lodge a complaint against HDFC / ICICI and any such bank doing so.
You may even file a police complaint againts bank for cheating. Just consult a lawyer - it will be resolved.
Law is definitely a painful process but Believe me it is always fruitful and in favor of customer.
Just go to:
CONSUMER DISPUTES REDRESSAL COMMISSIONS
in your respective states and lodge a complaint against HDFC / ICICI and any such bank doing so.
You may even file a police complaint againts bank for cheating. Just consult a lawyer - it will be resolved.
Law is definitely a painful process but Believe me it is always fruitful and in favor of customer.
RBI- IS IT FOR THE PEPPLE OR A STOOGE OF FINANCIAL INSTITUTIONS
Financial exploitation of existing home loanees by financial institution is certainly under the patronage of Ministry of Finance and RBI. Total indifference and apathy of RBI towards the issue indicates a strong possibility certain vested interests .
What is the terminal objective of financial policies of RBI, both in hardening and softening of rates? Is it the interest of country and welfare of people or is it to swell profit margins of financial institutions? Mr Governor RBI, please comment. Today financial institutions are the modern India SAHUKARS . ANDHERI NAGRI,
CHOPAT RAJA. Keep it up Mr Finance Minister and Mr RBI Governor
A TIME HAS COME FOR US TO FIGHT TOGETHER .LET US ALL GET TOGETHER STOP PAYING THE EMI's .
Financial exploitation of existing home loanees by financial institution is certainly under the patronage of Ministry of Finance and RBI. Total indifference and apathy of RBI towards the issue indicates a strong possibility certain vested interests .
What is the terminal objective of financial policies of RBI, both in hardening and softening of rates? Is it the interest of country and welfare of people or is it to swell profit margins of financial institutions? Mr Governor RBI, please comment. Today financial institutions are the modern India SAHUKARS . ANDHERI NAGRI,
CHOPAT RAJA. Keep it up Mr Finance Minister and Mr RBI Governor
A TIME HAS COME FOR US TO FIGHT TOGETHER .LET US ALL GET TOGETHER STOP PAYING THE EMI's .
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
Hi Guys!
This is the incomplete information which publisher has put in this article. Please do not be under impression that SBI is lending home loan with lowest rate. This is another fraudulent bank which gives you loan under their "Happy Home Floating Scheme" saying that for 1st year the interest rate will be deducted at 8.0% and for rest 2nd, 3rd and 4th years it will be deducted at the rate of 9.25 % but this is all Fake, The SBI will definately give you 8.0% interest rate in 1st year but as soon as you enter in second year the Rate of interest will start rising and by the end of few months it will rise upto 11.75 - 12.0% and you will be under impression that you are availing the previledge of the Home Loan scheme. I AM ONE OF THE VICTIM OF THE FALSE PROMISES MADE BY SBI. You should regularly check the interest rate as they might be changing anytime.
EFFECT: Due to higher interest rate, your principal amount will reduce very slowly as you are paying 80-90% of your EMI as an interest every month due to which your payment tenure gets extended or you get burden of paying higher interests on your principal. And in last phase of your Home Loan tenure you land up paying higher amount to foreclose your home loan as soon as possible.
If you find this fraudulent practice in 2-3rd year of your loan tenure then after repeated complaints and applications there will be No action taken by SBI for correction of the interest rates. They will say that this is the mistake of SERVER DEPT, this is to be corrected by back office, and we will get it done soon...bla bla bla... All rubbish.
Description SBI HAPPY HOME FLOATING
Limit 14, 45, 000.00
Drawing Power 13, 57, 966.60
Outstanding Amount 13, 30, 226.60
Rate of Interest 11.75
Date (Value Date) Narration Debit Credit
31-May[protected]May-2011) INTEREST 12, 955.00
24-May[protected]May-2011) O.S. DEPOSIT TRAN 14, 872.00
30-Apr[protected]Apr-2011) INTEREST 11, 821.00
24-Apr[protected]Apr-2011) O.S. DEPOSIT TRAN 14, 872.00
31-Mar[protected]Mar-2011) INTEREST 12, 180.00
24-Mar[protected]Mar-2011) O.S. DEPOSIT TRAN 14, 872.00
28-Feb[protected]Feb-2011) INTEREST 10, 924.00
24-Feb[protected]Feb-2011) O.S. DEPOSIT TRAN 14, 872.00
31-Jan[protected]Jan-2011) INTEREST 11, 940.00
24-Jan[protected]Jan-2011) O.S. DEPOSIT TRAN 14, 872.00
In the above table: EMI paid every month regularly as 14872.00 and SBI is charging every month higher and higher interest rate and deducting interest of 12955.00 which is aprox 13000 out of 14872. Now you can see that principal is getting deducted only 1872.00 which are less than 15%.
Conclusion: Out of EMI which you are paying with your hard earned money SBI is charging more than 85% as interest charges and rest less than 15% as principal repayment from your loan amount.
ITS TIME TO THINK AND ACT! PLEASE HELP!
Regards,
Dr Sajeed
Email: [protected]@gmail.com
This is the incomplete information which publisher has put in this article. Please do not be under impression that SBI is lending home loan with lowest rate. This is another fraudulent bank which gives you loan under their "Happy Home Floating Scheme" saying that for 1st year the interest rate will be deducted at 8.0% and for rest 2nd, 3rd and 4th years it will be deducted at the rate of 9.25 % but this is all Fake, The SBI will definately give you 8.0% interest rate in 1st year but as soon as you enter in second year the Rate of interest will start rising and by the end of few months it will rise upto 11.75 - 12.0% and you will be under impression that you are availing the previledge of the Home Loan scheme. I AM ONE OF THE VICTIM OF THE FALSE PROMISES MADE BY SBI. You should regularly check the interest rate as they might be changing anytime.
EFFECT: Due to higher interest rate, your principal amount will reduce very slowly as you are paying 80-90% of your EMI as an interest every month due to which your payment tenure gets extended or you get burden of paying higher interests on your principal. And in last phase of your Home Loan tenure you land up paying higher amount to foreclose your home loan as soon as possible.
If you find this fraudulent practice in 2-3rd year of your loan tenure then after repeated complaints and applications there will be No action taken by SBI for correction of the interest rates. They will say that this is the mistake of SERVER DEPT, this is to be corrected by back office, and we will get it done soon...bla bla bla... All rubbish.
Description SBI HAPPY HOME FLOATING
Limit 14, 45, 000.00
Drawing Power 13, 57, 966.60
Outstanding Amount 13, 30, 226.60
Rate of Interest 11.75
Date (Value Date) Narration Debit Credit
31-May[protected]May-2011) INTEREST 12, 955.00
24-May[protected]May-2011) O.S. DEPOSIT TRAN 14, 872.00
30-Apr[protected]Apr-2011) INTEREST 11, 821.00
24-Apr[protected]Apr-2011) O.S. DEPOSIT TRAN 14, 872.00
31-Mar[protected]Mar-2011) INTEREST 12, 180.00
24-Mar[protected]Mar-2011) O.S. DEPOSIT TRAN 14, 872.00
28-Feb[protected]Feb-2011) INTEREST 10, 924.00
24-Feb[protected]Feb-2011) O.S. DEPOSIT TRAN 14, 872.00
31-Jan[protected]Jan-2011) INTEREST 11, 940.00
24-Jan[protected]Jan-2011) O.S. DEPOSIT TRAN 14, 872.00
In the above table: EMI paid every month regularly as 14872.00 and SBI is charging every month higher and higher interest rate and deducting interest of 12955.00 which is aprox 13000 out of 14872. Now you can see that principal is getting deducted only 1872.00 which are less than 15%.
Conclusion: Out of EMI which you are paying with your hard earned money SBI is charging more than 85% as interest charges and rest less than 15% as principal repayment from your loan amount.
ITS TIME TO THINK AND ACT! PLEASE HELP!
Regards,
Dr Sajeed
Email: [protected]@gmail.com
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At the same time, I know that the same company is selling loans currently at the rate of 9.75, for the same (less than 20 Lakhs) tenure.
I am not sure who can force the company to stop this double standard and fleecing the existing customers?