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[Resolved]  LICHFL, Thanjavur — Steep rise in interest rate

Dear Sir,
I have taken a 15 year loan from LIC Hsng Finance in Jan 2007 for Rs 27,00,000. I was told by their representative Ms Hemlata Suvarna that since yours is an exhibition case, you will be eligible for a concessional rate of interest of 9.25% for a floating rate. However, in Aug 2007, I got a letter from LIC Hsng that the rates have been increased to 10.75% and my number of EMI's will go up from 180 to around 250. I wanted to ask that can a housing finance company increase rates in shot by 150 basis points for a customer who was promised a concessional rate? If their PLR had increased by 25 basis points, I should have been charged 9.50% and not 10.75%. What was the point in alluring me with a concessional rate initially and then jacking it up so steeply.

Regards
Mitish Somani
Complaint marked as Resolved Aug 13, 2020
Complaint comments  21 CommentsShareTweet

Comments

You can complain the National Housing Bank which happens to be the nodal agency for the housing finance sector.Infact the general attitude of LICHF is not customer friendly. In my case also after giving the offer letter of 7.75 lakhs they have disbursed only 6.40 lakhs saying that my case is a high risk one. I am planning to approach either NHB or consumer court.
i had applied loan for Rs 500000/ . last week i got message from ranchi that it has approved for 20 yrs with interest rate 11.25%. why it is? but in site rate of of interest is 9.25% floating.
This new rate will be applied on new customer whose loan has been approved..
Dear Sir,
I have taken a 20 year loan from LIC Hsng Finance in Dec 2008 for Rs 11, 00, 000. with floating rate of interest.

But now we see the rate of interest to be 9.00%.

Still we have not got any confirmation on this change.Please advice on this.
Agree with you Mitish; they have 'Festive' schemes like 'Griha XXXX' etc using which they cheat people in a hurry to buy the house.

Even I have been cheated by LICHFL having lured by 9.25%, promised 9.50 at approval and charged 10% at loan disbursal!!! My only weak oint was I wanted to buy the apartment in a hurry and was involved in lots of imp. activities at that point in time.

I think we all customers that have been cheated by LICHFL should unite and pull them to consumer court. I think they are worse than HDFC / ICICI because the latter charge higher rates, but at least they are transparent to the customer; not cheaters like LICHFL

Regards
Aashish
Even i have been cheated by LICHFL, i was offered a home loan for Rs. 2000000 at 9.75% interest in the month Dec 2008. Subsequently, LIC HFG had slashed the interest for existing customers by 75 bps. However when i got the communication from the LIC HFL, the interest rate shot up to 10.25% instead of 9% (which i was expecting). LIC HFL site also says that the interest is slashed for exisiting customers.
When i enquired this with the loan representative and the area manager, they are re-directing me to multiple places instead of trying to help me to understand the sudden rise.
We all should unite against LICHFL and take strict action against them. Otherwise they would think that we cannot take any action.
I would urge all who had taken loan from LICHFL to participate in this forum and take it with the right people to resolve our issues.
I don't think we do the legal here as they LIC is smar enought the "Legally" Cheat the consumers.

See this thread...
Dear All, Provide your all LIC Housing Loan Application No. Don't put Rumors, always put everything with supporting documents.
Mr Raj (or whoever you are):
You think we all are fools coming here and bad-mouthing a company for no reason????? If you want to see documents I challenge you to email me with your number and I will show each and every letter. But obviously you won't because you must be one of their touts writing on their behalf here.
Anyway we all unfortunate customers of LICHFL are united to get our right by doing the needful. I personally plan to submit the documents to either one of my journalist friends first and then also to the Consumer Court if needed. Monopolistic and Cheating Companies should now beware of rising Consumer awareness and power. If you don't improvise now, it signals a clear end to your business, that's Loud and clear!
Hi All,
I am planning to go for LIC housing loan from my existing Citibank, i have been offered at 8.75% intrest rate and have been told it will be reduced further.I also heard from others it is just for 3 months.Should i go for the loan with LIC housing loan or stay with Citibank.i have one loan for 16.5 lakhs for which i am paying intrest at 11% and another top up of 14%, i would be paying forclosure charges of 2% on my housing loan and 4% on top up loan, is it still worth while going for LICHL considering they might move up to 10.5% after 3 months??
Please suggest.
Even i have been cheated by LICHFL, i was offered a home loan for Rs. 1700000 at 10.25% interest in the month Feb 2008. Subsequently, LIC HFG had slashed the interest for existing customers by 75 bps. However when i got the communication from the LIC HFL, the interest rate shot up to 11.25% instead of 9% (which i was expecting). LIC HFL site also says that the interest is slashed for exisiting customers.
When i enquired this with the loan representative and the area manager, they are re-directing me to multiple places instead of trying to help me to understand the sudden rise.
We all should unite against LICHFL and take strict action against them. Otherwise they would think that we cannot take any action.
I would urge all who had taken loan from LICHFL to participate in this forum and take it with the right people to resolve our issues.
Dear All
Even i have been cheated, I took over home loan from IDBI to LICHF, initially they gave me at 8.5%, then after 3 months without any notice they raised to 10% saying that every 3 months RBI fix new rate. It is not a robbery. We should do some thing for them.
lic housing finance is a big cheater. they cheat in everything starting from loan processing fees, PLR, spread to repayments. lic agents gives all false promises at the time of applying for loan and when loan is approved some different things are put in loan approval letter. lic agents just want to make money and lic is not bothered to entertained customers complaints later. so i would like you request you all please dont go for lic housing finance loan and also discourage your friends to go for home loans from housing finance.

I had a very bad experience with lic housing finance and i am telling this based on my experience.
I have also took loan @ 8.5% interest and after a month they increased to 9.75%. Any one know wht can be done in such cases ?
Name : Honey Verma
Age : 32
Address : EF 424 Krishan Nagar Jalandhar
State : PUNJAB
Telephone : 0091 - [protected]
E-mail Address: [protected]@yahoo.com
NRI: N
Already availed Loan
Loan No. : 0000000
Area Office Jalandhar
Suggestion : Please Inform me I want to deposit the full Loan amount please gave the concession for deposit amount
What is agent commision we should pay for a loan of 29 lacs with Lic housing finanace
We need urgently EMI Statement Certificate of Year[protected]for Income Tax office) and Provisional Certificate of Year[protected] duly sign & stamp.

My Home loan Account No.: 11034818
LIC Housing Branch Office: New Delhi-South Delhi

Regards

K.N.Pandey
Hi All,

Please don't go for LIC housing finance. very poor service, their interest rate much higher comparing with others.(much different between internal customers as well) They have increased my interest rate 10% to 13.75% in three months, my personal loan interest only 12%. while calling my agent he is not picking my call. i called to branch they said, they are don't know anything about that we just saying what we have. they also said close the account if you not satisfied.

Puviyarasan J
I have a very bad experience with LIC Housing Finance Ltd. especially their customer service is far from satisfactory. They lack transperency and charges high rate of interest without consonance with the BPS points. They do not even bother to communicate the change in interest rates to the customer and very casually replies that they already send a courier which I never received. They also clandestinely increase the number of years without our consent. They are doing an unethical business. Even if you pay part payment, they dont provide the new EMI or send the refixed EMI later. Their phone numbers are always unattended and they do not have the facility to contact the customers through email. Very poor service and the rate of interest so higgghhh without any base. Even If i send any mail to their given email ID no response. I plan to drag them to the consumer court. Please advice me.
So any of you filed case in cosumer court or National Housing Bank.

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