[Resolved]  Nokia Siemens Networks — Complaint regarding my HOME LOAN - IMPORTANT!- KINDLY REPLY

Hello Sir/Madam,

Self Introduction:-
Name: Babu.R
Loan Account No: TM001897
Housing Loan (Residential) of Rs. 16,00,000 on[protected]
Loan took at: Repco Home Finance Ltd, Tambaram Branch, #20,Ramakrishna St.,GRN Complex,1st Floor,Chennai
Interest Category: Floating
Interest percentage: 13.5%

I doubt the meaning of Floating interest rate, after 1 year completion of taking home loan from you.
Would like to confirm with you again..
- An interest rate that is allowed to move up and down with the rest of the market or along with an index.
- A floating interest rate, also known as a variable rate or adjustable rate, refers to any type of debt instrument, such as a loan, bond, mortgage, or credit, that does not have a fixed rate of interest over the life of the instrument.

Am I right???

I took a home loan on the date mentioned above for 13.5% of interest at Tambaram branch, Chennai.
I heard that the current rate of REPCO bank interest is 10.5%.
Why was it not informed to me by the manager??? There was no indication to me regarding this…
Why wasn't my interest rate reduced till now???? When will you do it???
Is there a rule you follow that the interest rate will only increase and not decrease????
If this is the rule you follow ,Why it was not explained to me while taking the loan??

There was no explanation given to me by the concerned manager or branch employees to me about this

I hope am talking to an responsible person for answering my query..If not please forward me to the concerned person to ask my questions..



Regards
Babu R
Software Engineer
Nokia Siemens networks
babu.[protected]@gmail.com
[protected]