[Resolved] HSBC Home Loan — Inflated & Unjustified interest rates

Hongkong & Shanghai Banking Corporation [HSBC]

[Resolved] HSBC Home Loan — Inflated & Unjustified interest rates

S SANDEEP SHAH from Bengaluru, Karnataka

Dear Sir, In the year 2004, HSBC officials approached me to avails their Home Loan at a very attractive rate of 7% p.a. and promised us of their full co-operation and support in keeping the future interest rates as per the RBI guide lines and in lines of leading Public sector banks. As the time passed by, due to market trends they their interest rates in an unjustified way up to 13 to 14% much higher than other banks and the most unfortunate part is that till to-day they have not reduced the rates in accordance with RBI guide lines and other PSU banks and when we approached them, they threatened to close down the account and they have advised us to continue paying whaterver their demand is and have also warned of action from their side if any complaint is registered with authorities like yourselves. Today, their interest rate is about 4 to 5% over and above some of the leading PSU banks. And nobody from their side is willing to listen to our helpness and grievances. It is a shame that in India foreign banks like HSBC is exploiting general public and helpless consumers. Was this information helpful? No (0) Yes (0)
Aug 14, 2020 Complaint marked as Resolved
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Comments

Amit

from Mumbai, Maharashtra

Sandeep,

Can you pls email me? I want to understand this since I am planning to opt for HSBC Home loan.

miyabom

from Mumbai, Maharashtra

Home Loan from HSBC — Interest on HOme Loan

Dear Sir, following letter sent to HSBC on 24th. No reply. They confirmed by phone that my EMI is Rs.11,744/-. Now their letter days that EMI is Rs.12,262/-. HSBC is really punishing me because I am their customer. I seek the help of consumer forum.

[protected]

Attn : Mr. Subhojit / Ms. Nisha,
>
> Please refer the telephone call of Mr. Subhojit on 20-1-11 at 1:40 Noon
> further received call from Ms. Nisha on 21-1-11 at 11:55 am.
>
> Ms. Nisha confirmed me on phone that my home loan interest rate
> is 10.75% which is applicable from[protected].
> The EMI is : Rs.11,744/-.
>
> Also she confirmed that she will send the statement and the letter as per
> my request.
>
> Received the following just now by courier:
> (1) Letter Ref. No. CRU-CCU[protected] dtd[protected].
> The letter days my home loan interest rate is 10.75% and which is applicable from
> 15th Dec., 2010. Happy to inform you that the EMI amount is not mentioned.
> Since I am not a Bank Personnel, it is difficult for me to calculate the EMI
> of my home loan based on 10.75% floating rate. Hope you will send me
> a letter which is with my EMI amount.
>
> (2) Statement Ref. CRU-CCU[protected] dtd[protected] is attached.
> Ms. Nisha conformed by phone on 21st January that my EMI will be Rs.11,744/-
> But the statement signed by Ms. Neha Mayekar says my EMI will be Rs.12,262/-
> from February, 2011.
> Within 24 Hrs. there is an increase of Rs.518/-?????
>
> If each and every call of your staff and each and every letter issued by HSBC is
> contradicting, what should I do??? Since I am a very normal Indian Citizen,
> and international Bank is cheating the bluffing an Indian Citizen is not at
> welcome. I think at least RBI will help me for this issue. For the last 2 months
> I am approaching HSBC for this same problem.
>
> thanks and best regards,
> Seli Mathan
>
Mobile :[protected]