[Resolved]  Standard Chartered Bank — High Home Loan Interest

hi,
we had a similar experience but the ending was good. we applied for home loan some time back to SCB and we were sanctioned the loan at 11% floating initially and after that we were given one more sanction letter after a lot of delay with 11.5% floating interest rate after 3 months after we started the whole process with SCB. now the disbursement was already late and we started feeling the pressure as we were due 2 installments to the builder due to delay in the disbursement by the bank due to reasons only they knew. And at the same time RBI decreased the interest rates and at that time again we get our third sanction letter with 12.25% semi-fixed (fixed for one year) as RBI was about to reduce the interest rate further and they had to decrease further as they had increased twice and we were already in hurry to get the disbursement. we opted for floating.
we decided not to take disbursement and canceled our loan immediately after seeing the third sanction letter and decided to sell the flat and demanded the processing fees. They refused at the beginning but when we approached the consumer forum they paid the full processing fees back.
Its the most unethical bank. once a party gets disbursement of the loan amount from that bank, even on preclosure u have to pay 2.5% interest if you want to transfer your home loan account to some other bank.

Hi Utpala,

Can u give us the details of the consure fourum? These ppl are not decreasing the interest and i'll like to take this up..

Thanks,
PRasanna

Ihave read over this real home page saying that you (scb Home Loan) you increase the interest
rates any how it true or not?
What exactly is the interest rate for the bank as it should be made public to the clients mainly in the banking, and those ini the Home loan facility.?
Help and clarify the or make it clear to people like me who plans to acquire the Home Loan, ?

Haer from you very soon
From Busuulwa Julius

sid seril

I had suffered same type of exploitation by scb in case of my hl. They rigged my floating interest rate. When the interest rate was high in the market, they automatically changed the rate & when it was low, they were hearing impaired--they maintained the higher rate of interest. Rigging is their business.

I have been facing a biggest challenge with SCB Bank home loan. I took loan for site and cleared the loan by Nov 2012. Till now i have not received my original documents. I am following up with the Bank but all attempts are gone in vain. Can someone help me how to proceed legally or through consumer forum.

Thanks,
Reddeppa Chowdary

I had also taken the loan some 5 years back and now i am paying 14% intrest rate on home saver account.Let me know what is the cap on interest rate. O.w bank can charge any thing like this.
The principal paid is so less and the interest is exorbiant. All my friends are paying interest rate of 10% or 10.5%.
Even if the home saver interest is higher it should be 1% higher not 2 to 3 percent higher.
At the time of taking this they said the interest differs by just 1%.