[Resolved] Kotak Home Loan — Trap--Never take home loan from Kotak
I have taken floating interest rate home loan from Kotak .
I have been noticing that interest rate charged on my loan is always more than the prevailing rates in market. When I had taken loan from Kotak two years back, rate of interest quoted was the lowest compare to HDFC, ICICI and other banks. They offer me 9% floating rate on 20/09/2006 compare to 9.5% offered by other banks. I fell into trap and took loan from Kotak. Since then Kotak is increasing the floating rates more than the prevailing market rates but not lowering the same when rate goes down. I can prove this point with documents when need arise. I am currently paying 13.75% pa rate which is much higher than the prevailing market floating home loan rate.
In spite of many calls to concerned people in Kotak bank to look into this issue has not given any result.These bank trap new customer with lower rate and charge higher interest rate with their existing customer. In case I want to switch, I have to pay foreclosure charges.
Request you to never deal with Kotak bank. They are Thiefs
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Aug 14, 2020Complaint marked as Resolved