[Resolved]  Home Loan — Indian Bank float rate for existing customers

Address:

Chennai, Tamil Nadu

The floating rates reduced drastically to 8.5 for new home loans 2 years back & stays at that till today
I took a home loan at 9.5 interest rate in SEPT 2007 with Indian Bank
After 3 - 6 months i.e in early 2008 they had increased it to 9.75 It remains at that even today
If interest rate is floating then they should have reduced it to 8.5 2 years back

I had asked the authoriy many times. They are saying they will not bring down the interest for existing cutomers and only for new customers in order to attract new loan they are providing 8.5% float

The floating rate is supposed to be based on market changes and cost of living changes The bank is least bothered about the pains of existing customers. I am not sure if SBI, HDFC and all other banks did the same to existing customers

I want to know if it is beneficial for to transfer the loan to SBI or BOB so that i get started with lower interest rate
I have 20L outstanding; I would like some one to give me a 5 year projection of my present interest rate since over the years the interest component would have reduced a bit Now if i start with another bank major part will go as interest Also i have to pay preclosure charges
whom should i approach in inidan bank to make them reduce the interest rate for existing customer