[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. Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 35 Comments | |
Comments
Please help me they are charging a interest of 14% on my home loan, other banks are charging 9.5 %. Please save me, they are kill common man.
I have been victim of SCB as well. These folks have been very prompt in increasing the variable rate and they increase at such a rate that it is unbelievable. A comparable study will tell us that other banks do increase the rate but not at the % point that SCB does. In my case, in a little over 1 year, they have increased it by 3.25% (12.47% at the moment) which is way high than anyone would expect!! Be aware before doing business with SCB, it is not worth. The product home saver looks very tempting but there in my opinion, nationalized banks are more transparent. I am trying to see if I can get it changed on the basis of base rate.
I have been victimised by SCB as well. I opted for home saver account in Jul 2011 and got interest rate of 0.76% (margin) over base rate. Base Rate at that time was 7.50%. Current base rate is 8.50% and till last month my rate of interest was 9.26%.
Got a letter from SCB statiing that my margin has been changed from 0.76% to 1.81% ????. No reason for change in margin is given. I was under the impression that my rate of interest is subject only to Base Rate and margin would remain the same.
Is there anyone who got the same letter from SCB. This is atrocious and they are just ripping as off.
Got a letter from SCB statiing that my margin has been changed from 0.76% to 1.81% ????. No reason for change in margin is given. I was under the impression that my rate of interest is subject only to Base Rate and margin would remain the same.
Is there anyone who got the same letter from SCB. This is atrocious and they are just ripping as off.
Writing to the Banking Ombudsman did wonders. The matter related to preclosure penalty. When I signed up for the loan the deal was 5 years down the line the penalty would be 0%. Hence I signed up for the HomeSaver paying a premium on the rate of interest. Subsequently in 2009 they changed it and said the penalty would be charged irrespective of the loan type.
After having discussed with them and realizing that they would not waive off the penalty, I wrote to the Banking Ombudsman which was acted promptly upon and in a weeks time got a email from SCB that waived of the penalty.'
Hope this helps. Online Complaint (https://secweb.rbi.org.in/BO/compltindex.htm)
After having discussed with them and realizing that they would not waive off the penalty, I wrote to the Banking Ombudsman which was acted promptly upon and in a weeks time got a email from SCB that waived of the penalty.'
Hope this helps. Online Complaint (https://secweb.rbi.org.in/BO/compltindex.htm)
@vipchau: my home saver account's margin was also increased recently. I was shocked as I was under the impression that the base rate will be the only variable factor.
The base rate scheme doesn't seem to bring much transparency. These banks can still give a lower margin rate for new customers and fleece the existing customers by increasing their margin rates. This really sucks.
The base rate scheme doesn't seem to bring much transparency. These banks can still give a lower margin rate for new customers and fleece the existing customers by increasing their margin rates. This really sucks.
@consumer_g,
Is there anything we can do about this. Base Rate was supposed to bring in more transparecny but seems otherwise. i tried sepaking with product team but seems no way out
Is there anything we can do about this. Base Rate was supposed to bring in more transparecny but seems otherwise. i tried sepaking with product team but seems no way out
Standard Chartered Bank — UNKNOWN CHARGES
my name is nitin sakhuja. i dont tell your costumer care to post me last six months statement.and i am only complaint this my statement is not reciveing me timely.so pls reverse my statement fees.i wille be very thankfull to u.for last six months i am facing this problem last time i talk to your executive they said me u paid a interest amount of 550/- and i reverse a statement charges but problem is same i paid u inerest again & again i am very harased to your services . u see my statement i am paid timely your money without any late charges but this time i am very much suffering aproblem my money is hard so please help me
Even I agree. I have taken home saver account and they are not decreasing the interest rate at all. Its too high as compared to any other banks.
Even I agree. I had also taken the loan some 5 years back and now i am paying 14% intrest rate on home saver account. They are surely cheating customers.
Let me know where we can put such complaint against this bank.
The principal paid is so less and the interest is exorbiant. All my friends are paying interest rate of 10% or 10.5%. But this bank has cheated.
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%.
Let me know where we can put such complaint against this bank.
The principal paid is so less and the interest is exorbiant. All my friends are paying interest rate of 10% or 10.5%. But this bank has cheated.
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%.
Dear SCB Team,
I am using SCB Credit Card and i am really not satisfied with your bank.
Problem : ON 02-11, I GOT SCB SCB CREDIT CARD and at the time of open/making credit card in your bank, Your executive told me " sir there is no annual fees, its totally free", but after 1 year when i got statement of FEB'2012, in that Rs.750/- charged for Annual Fee...
I had register complaint in your Call center on March-2012 and they had REVERSAL of Rs.750/- in next month statement (March'2012)
And Again after 1 Year when i got Statement of FEB'2013, you are charging ANNUAL FEES of Rs.750/-
Now you are requested to pls reversal this amount, i shall be very thankful to you...
Regards
Harvinder Singh
I am using SCB Credit Card and i am really not satisfied with your bank.
Problem : ON 02-11, I GOT SCB SCB CREDIT CARD and at the time of open/making credit card in your bank, Your executive told me " sir there is no annual fees, its totally free", but after 1 year when i got statement of FEB'2012, in that Rs.750/- charged for Annual Fee...
I had register complaint in your Call center on March-2012 and they had REVERSAL of Rs.750/- in next month statement (March'2012)
And Again after 1 Year when i got Statement of FEB'2013, you are charging ANNUAL FEES of Rs.750/-
Now you are requested to pls reversal this amount, i shall be very thankful to you...
Regards
Harvinder Singh
Hi Friends,
I have also taken the loan from standard chartered bank and services of the bank is really horrible.
Instead of blaming to them, I suggest why should not flight for our right. They are horrible guys but i am more horrible than them, Sorry to say but most o[censored]s is trapped by them due to lack of knowledge.
But i am qualified Chartered Accountant. So let me help you how to save our self with this buggers as well as share few of my incidence and how i was grilled them.
1. Firstly always mail them and send reminder everyday just change the title Reminder -1, Rem-2 ... Rem-50. Send your mail every day.
2. Please mark the mail copy to all related authority from bank and govt. (Trust me it will help you) like <[protected]@rbi.org.in>; <Principal.[protected]@sc.com>; <customer.[protected]@sc.com>; <[protected]@nhb.org.in>; <[protected]@nhb.org.in>; <[protected]@nic.in>; <[protected]@rbi.org.in>; <[protected]@NHB.ORG.IN>; <Nodal.[protected]@sc.com>; <Straight2bank.[protected]@sc.com>; <head.[protected]@sc.com>;
I am from kolkata, so i have given the banking ombudsman id of west bengal zone, for yours search in internet. As well as apart from this search more id's in the net where you can lodge the complaint. and mark it everyday and strict with words.
They will send non- sense reply and that will also mark to you, You should mark the copy to all with another reminder number and make their life miserable. Trust me finally you will get justice but you should not be trap in their words and if they say anything.
One more thing if they some nonsense rules than ask them show the copy where you signed and if its not signed by you. Its not acceptable to you.
3. Please try to spoke to single person and make regular complaints and make the call to nodal officer and if he/she will not work than call to tribunal
In a year time once my base rate is decreased and twice i bound them to reduce my spread and third time i am in the race to reduce for my spread. " Jago grahak Jago " - Jan hit mai jaari but not by our corrupt Cong Govt.
One more request please cast your vote to suitable candidate for better tom.
I am sure this will help you. Still if you have any query you can mail me d.[protected]@yahoo.com.
Regards
Your frnd
I have also taken the loan from standard chartered bank and services of the bank is really horrible.
Instead of blaming to them, I suggest why should not flight for our right. They are horrible guys but i am more horrible than them, Sorry to say but most o[censored]s is trapped by them due to lack of knowledge.
But i am qualified Chartered Accountant. So let me help you how to save our self with this buggers as well as share few of my incidence and how i was grilled them.
1. Firstly always mail them and send reminder everyday just change the title Reminder -1, Rem-2 ... Rem-50. Send your mail every day.
2. Please mark the mail copy to all related authority from bank and govt. (Trust me it will help you) like <[protected]@rbi.org.in>; <Principal.[protected]@sc.com>; <customer.[protected]@sc.com>; <[protected]@nhb.org.in>; <[protected]@nhb.org.in>; <[protected]@nic.in>; <[protected]@rbi.org.in>; <[protected]@NHB.ORG.IN>; <Nodal.[protected]@sc.com>; <Straight2bank.[protected]@sc.com>; <head.[protected]@sc.com>;
I am from kolkata, so i have given the banking ombudsman id of west bengal zone, for yours search in internet. As well as apart from this search more id's in the net where you can lodge the complaint. and mark it everyday and strict with words.
They will send non- sense reply and that will also mark to you, You should mark the copy to all with another reminder number and make their life miserable. Trust me finally you will get justice but you should not be trap in their words and if they say anything.
One more thing if they some nonsense rules than ask them show the copy where you signed and if its not signed by you. Its not acceptable to you.
3. Please try to spoke to single person and make regular complaints and make the call to nodal officer and if he/she will not work than call to tribunal
In a year time once my base rate is decreased and twice i bound them to reduce my spread and third time i am in the race to reduce for my spread. " Jago grahak Jago " - Jan hit mai jaari but not by our corrupt Cong Govt.
One more request please cast your vote to suitable candidate for better tom.
I am sure this will help you. Still if you have any query you can mail me d.[protected]@yahoo.com.
Regards
Your frnd
I had taken home saver loan from standered chatered 4yrs ago & at that time interest rate was 11.5%.But now the interest rate is charged at 14%. Which is too high. Even if it is home saver plan still it should not be so high interest rate.
It is not home saving account as they claim,
It is not home saving account as they claim,
Hi all i have also taken loan from sc in 2003 for 7 lakhs for 14 years at 9.25 % and it was over at 31 march2017 but still they are saying loan is pending and you have to pay till 2020 as intrest rate have changed so pls some one help me where we have to complain as they are still showing oustanding of rupees 365000 means not even half amout paid i have complain in mumbai fort, borvai, malad branch but no risponse they say main housing loan branch is at chennai complain there
Kindly response to me if any one can guid me
Jayantilal Surti
Mob:[protected]/[protected]
Kindly response to me if any one can guid me
Jayantilal Surti
Mob:[protected]/[protected]
Hi all i have also taken loan from sc in 2003 for 7 lakhs for 14 years at 9.25 % and it was over at 31 march2017 but still they are saying loan is pending and you have to pay till 2020 as intrest rate have changed so pls some one help me where we have to complain as they are still showing oustanding of rupees 365000 means not even half amount paid i have complain in mumbai fort, borvali, malad branch but no risponse they say main housing loan branch is at chennai complain there
Kindly response to me if any one can guide me
Jayantilal Surti
Mob:[protected]/[protected]
Kindly response to me if any one can guide me
Jayantilal Surti
Mob:[protected]/[protected]
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Upon this, the worst part is that, monthly EMI is calculated as 9, 380/-. Wondering, how they arrived at this figure. When it was 10%, my EMI was 5800/-. Letter was signed by the VicePresident of Loan dept.
Sincere, suggestion, do not bank with SCB and ban all the SCB products. Blood Suckers...