[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, 2020
Complaint marked as Resolved 
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Standard Chartered Bank — non-disbursal of homeloan

I applied for home loan with STANDARD CHARTARD BANK, BANGALORE in the 1st week of August 2008 for the purchase of a ready built house in Bangalore city. Before applying, I showed all land documents to the sales Executive Mr. Lokesh and asked whether loan could be arranged. He assured me that he already arranged loan within the same layout and registration also over. The land documents i have shown are more than enough. Believing him, I applied with all documents and a processing fee of about Rs 5500/_ . Then he stopped showing up and started sending his junior. My hardship started.They issued Sanction letter on 20-08-08. Then onwards, they started asking this document, that document... I provided all they asked except Khata certificate because BBMP is not issuing the same for the time being which everybody knows.Sales Executive never used to attend the phone calls (as soon as the login is over he got his commission), So, I tried to call him from other phones, he lifts and cuts .One day, he phoned and told that the loan would be disbursed within a week., provided I should coughup an amount of Rs.8000/-.But I denied and complained to the Bank. Before they call me, He called me and asked me to talk infavour of him if the bank calls me for verification. Otherwise, they will keep my loan in pending.. he said. Believing this, I talked and mailed infavour of him. So bank people could not take any action against him.
But, the Sales Executive Mr. Lokesh did not keep his promise. Finally, Sanction period limit of 3 months is over. His Junior told that Loan could not be disbursed as Khata certificate was not produced.
STANDARD CHARTARD BANK did not intimate me in writing that my loan could not be disbursed. They even did not issue me the legal opinion given by the advocate.
When approached for loan for the same building some other banks, they clearly told that without Khata certificate they could not even take the application.STANDARD CHARTARD BANK Sales Executive cheated me for time and money. Even part of my processing fee would not be refunded.
So, customers, be careful with M.N.C. Banks. Their Sales Executives control the loan system for their pockets.

Home Loan — Home loan statement with interest rate time to time

I have taken two home loans from your bank branch, Civil Lines, Bareilly(U.P.) for RS.329000.00 & for Rs.50000.00 in May, 2006 & September, 2006. I have been assured that quarterly home loan statement to be issued from your said bank. No home loan statement has been issued till date from the said branch. I have been approached to the above branch, but they have refused to issue home loan statement duly signed for the purpose of income tax as well as know how about the interest rates time to time and balance to be deposited otherwise I shall bound to transfer my loan to any nationlized bank or taken this matter to the consumer court.
Kindly instruct your officers to issue me such statement quarterly by DAK as they previousely assured me to issue bank statement while I draw loan.
Dear Sir/Madam

I am a customer of yr credit card. I have not receive any statement. I got a massage of Due Amount. I have already deposited the amount in Noida Branch.

Can i Know the details of expences?
i have not receive pin no. can i receive ?


Standard Chartered Bank of India — Not decreasing Home Loan interest even after RBI decreases


I have take a floating homeloan from standard Chatered bank about 4 years ago. The meaning of Floating seems only one directions for SC guys.. only when it increases they make changes immediately but when it decreases they aren't bothered at all.. Kindly help us on this.

Hi Vikas,

Even i want to take this bank to the consumer court, Could you help me with as how can i approach the consumer court?

Even I want to lodge a complaint against Standard Chartered Bank. These folks are taking the Indian public for granted. They are ruthless in their approach and want to cheat.

I have seen that they do not reduce the rate at all. I'm caught up in the Home Saver scheme of Standard Chartered and not able to make ends meet.

Let us lodge this through RBI Ombudsman as well.
Very true, I am also a customer of std chart. and had experienced the same, its a big fraud bank.

Lets file a case collectively.
there i m fully agree with u r problem as i m havinga housing loan from the last 3 years with SC .I M facing the same situation with this bank . might be u ppl don belive tht i m trying to close my housing loan with the bank but the SC ppl not delievirng the right documents so i can shut down tht hefty chrages ..tryied to cal at LEAST 15 days to fix my prob but all are careless repersentative..on the bank side .they don care abt US all they care for to get the extra charges and ...offering u more loan if you are capable to pay back ... never had tht experince b4 with any another bank globaly like SC ... hard time bank...
all i can suggest to fellow customer don put ur hard earn money with thi sbank ...


Exactly in the same boat as Vikas. When they were increasing the rate I got a letter every couple of months informing me of the increase. But nothing much happens when the RBI reduces rates - still paying 12.5%.
Hi Vikas
I am fully in agreement with you. Join the gang of victims. I got the loan in the year 2004 at a special interest rate of 6.75% - they claimed that the rate is special for employees working in Reliance (my then employer). But as rightly pointed out by you, we are looking like fools when other banks including nationalised banks are charging around 8.50% to 9%. Its a whopping 4% differential which translates to a huge amount for us.
I am in the process of shifting my loan to some other nationalised bank where the interest is nominal. Unfortunately, SCB charges 3% as penalty towards foreclosure if the source is from another bank.
I understand that SBI had charged penalty to a consumer and the consumer had filed a case in consumer forum which the bank lost. The bank appealed in the Bombay High Court and lost again. I believe, the bank has filed an appeal in the Supreme Court and the case is yet to be heard. Does anybody know the status of this case?
Please do revert. We can form a group and can file a consumer forum case against SCB on this penalty issue and high interest issue.
I too agree on this regard. IWe all have been cheated by SCB. Sad part is the agents who work for SCB knows everything but still collectively cheat for their commission.
I would like to know whether any of you have got any feedback and further progress on your proceedings?
I am in the process of taking a stan c home saver loan and am glad i saw your queries are they commit a spread from mvrr for the tenure of the loan? Secondly do they move mvrr down in line with market?
Well my association with Standard chartered has been on many fronts and they have been very prompt to fail me on all. I live outside India. Everytime I visit India I call them 1 month before to send me a letter stating what would be final amount of home loan payment, so that I can pay off at one go as they are charging me exorbitant rates. They have not been able to do it for 5 times during last 1 year.

On my SCB credit card, I used to make online payments and never missed a payment in life. But when I was about to make last payment, they cancelled the facility. As I was abroad, I spent 3 times the payment in calling them, but they did not resolve the issue. Finally I had to pay 5 times more amount than what I owed during my next visit to India.

On bank account again they keep on charging fines for nothing. This time I have fortunately got 1 month visit to India and I would be able to end my relationship with the SCB for ever. Most of my friends had similar experience with them and we call it a standard cheating bank.

Standard Chartered Bank India — Highre Home lone interest rate.

I took home lone from Standard Chartered Bank India, 5 year back.
Now interest rate are drastically reduced, still i am paying interest rate 11.75%.
Bank should take the appropreate action and reduced the interest rate as per current market.
Sanjay Rudrawal
AC No. [protected]
I agree with you all SCB has been unreasonable with me as well. I took Floating loan 4 years at an interest rate of 7.75% and as you all mentioned they were pretty prompt in revising rate upward in line with RBI. And when Interest has started going down they do at their own will. I used to chase them and several times also asked them that I wish to transfer/close the loan but their pre payment charges are also high somewhere around 2.75% of Loan amount if you are winding loan before completing 5 years. In last 2 qtrs they have reduced rate of interest by 0.75% to 1% it's very negelible. I am still paying 11:25% which is quite high compare to other PSU banks are charging. I would advice never ever go to SCB it's better to be with any of our PSU bank.
Please note that the bank is not happy fleecing you with the higest interest rates !
Now that interest rates have been forced down, SCB has to continue fleecing trapped customers.
Now if you plan to close your home saver, be ready to pay 2.5% for the principal outstanding, which is big money... as i'm sure no one "repays" a home saver account!!
They changed this before their swindling scheme could complete 5 years as they were loosing customers who were closing their loans for free after 5 years.
So they penalise everyone who agreed to wait patiently for 5 years.
It's like the Govt. saying wait for 15 years to get your PPF and when it is 14.5 years change the rules and tax this amount.
Please do'nt bank with SCB!!! Ever!!! I wo'nt for sure!!!
one can complain to Banking Ombudsman. Check below :

What are the grounds of complaints?

The Banking Ombudsman can receive and consider any complaint relating to the following deficiency in banking services (including internet banking):

A customer can also lodge a complaint on the following grounds of deficiency in service with respect to loans and advances

non-observance of Reserve Bank Directives on interest rates;
delays in sanction, disbursement or non-observance of prescribed time schedule for disposal of loan applications;
non-acceptance of application for loans without furnishing valid reasons to the applicant; and
non-adherence to the provisions of the fair practices code for lenders as adopted by the bank or Code of Bank’s Commitment to Customers, as the case may be;
non-observance of any other direction or instruction of the Reserve Bank as may be specified by the Reserve Bank for this purpose from time to time.
The Banking Ombudsman may also deal with such other matter as may be specified by the Reserve Bank from time to time

Standard Chartered Bank — Home Loan

I am a home loan account holder with Standard Chartered Bank – Chennai. My loan account no. is 42241391.
I had received a refund PO from the bank on 28 Nov’09; when I checked with Standard Chartered Bank customer care unit, Chennai they informed me that there were 2 remittances (one is vide IDBI ECS clearance, which has been agreed at the time of contract Jan, 2004 and the second payment is through collection centre, Chennai).
Further, I enquired about the unknown remittance with the bank (vide complaint No. BVIJ06/AC/1109/19 Dt. 28 Nov’09), the bank employees refused to inform the details of the remitter stating that cash payments will not have any challan copies on 2 Dec'09 (spoke to Ms. Hetal, service unit). We had also sent a register post asking details for the mentioned complaint. I had never heard or experienced any such remittances, wherein a bank has accepted a payment without challan copy. I am shocked to note that the banker has disclosed my account no. to some XYZ.
Since I am claiming income tax exemption through this home loan, would seek your intervention and help in solving the problem and also would like to know the remitter's details.
Request your suggestions to take it forward.
I am Home loan consumer of SCB since past 5 years, and in floating rate of intrest. I agree with the comments that there is an increase promptly and decrease is as per the cycle.

This is just one voilation. There are gross voilation in various other areas, I strongly feel that people trobuled by SCB should form a forum and ask RBI to intervene.

For other patrons please have an eye on following:
1. If you are home loan customer check your account statement regularly.
2. SCB does not provide account statement unless asked for(atlease home loan which I am a subscriber of). The reason for not giveing the statement of accounts is obvious.
3. GOD forbid but is you have defaulted on a EMI, make sure that they write it on the collection recipet, do not make the payment of EMI and charges on same recipeit.Since you dont get the statement regularly after few years will wonder where the money went.
4. Always communicate with them via e-mail or snail mail, only with head customer service, rest all the e-mail id's donot have a answer or will give you a call to settle the matter, with no solution offered.

Its time that we unite and raise our voice against this aghast new world money lenders in form of Banks like SCB.

Dear friends ask a question to yourself : that Marathon does not improve image, but increase spending, where is the money coming from? Should RBI not take this a clue and investigate its compliance?

standard chartered bank — housing loan

taken housing loan in 2003 at floating int rate 10% and now it is 14.25% . principal amount is same as where it was , all my emi taken as interest, bank is not providing proper detail and statement for this, my loan was for ten years now it is converted to twenty years, pls find some soulotion for me and help me in this matter.


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