| Address: | BASHEERBAGH, HYDERABAD |
I have taken home loan from GIC in the year 2017 March with 5 years fixed interest and conversion to floating post to that. At the time of applying for the loan, they said interest rate will be around 8%, but after approval it was 9.34%, for which they said it is because of my CIBIL score. Though i requested them to reduce the interest rate, they have not accepted my request and continued charging higher interest rate for all these months. Now finally my 5 years fixed term is completed and immediately I sent a mail to them to convert it to floating interest rate at current market interest, for which I got a reply that it will be done in 5 working days, When I requested them to share the provisional certificate for the current year, after several reminders finally it has come and I was utter shocked by seeing the same that Interest rate is increased to 11% rather than decreased to current market rate of around 7%. I sent almost 10 to 15 reminders to the branch to correct the same, but none of my mails were answered and after a month again they shared the provisional certificate with 11% of interest rate again. When I called the branch, Mr. Sayan from branch informed that, I need to send separate request for conversion to current market interest rate, which I informed I have already shared the same a month back and he again asked to share again and he told it will be converted in 5 working days. As per his words, I have sent the request again on 16/05/2022, but till now it did not converted to current market rate and also no response from branch as usual.
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