[Resolved] Standard Chartered Bank — Home Loans
I am one of numerous customers who have taken a home loan from Standard Chartered Bank at a "Floating interest rate" more than 3 years back. Needless to say that due a declining economy and global slowdown, the interest rate has increased considerably in the past 2 years. I started at almost 10% but as of now I am sitting at 13.5+ %.
Whenever there has been an increase in rate from RBI in the past, Stan. Chart. has been prompt to immediately increase my floating rate immediately, sometimes within a span of 15 days from the time RBI increased it. Also, for the first time that RBI increased the rate, stan chart was considerate enough to increase the tenure of the loan as against increasing the monthly amount. But that was just the first time, after that they have been continuously increasing my monthly amount based on the change in interest rate. SO much so that I am now paying almost 35% more amount in my monthly installment than I was paying 3 years back.
I was still ok with all this since it was the market trend. But the shocking part is that they have not reduced a interest rate at all since the RBI reduced it's rate. In the past couple of months, RBI has reduced it's rate more than 3 times but Stan. Chart has not made any changes to their floating interest rates. They continue to charge the same high interest rate.
This is cheating. When I sign up for a floating interest rate, I sign up to move my interest rate up when market is going up and getting it down when the market trends that way. With Stan Chart it's a one way street, they only increase but never decrease. While all the other banks including ICICI and HDFC have reduced their floating rate in the past few month, Stan CHart continues to be elusive. This is completely against the rules of Floating Interest rate that I signed up for.
I am almost on the verge of filing a case in consumer court for the malpractice of Stan chart.
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Aug 14, 2020Complaint marked as Resolved