[Resolved]  IndiaBulls — excess interest charged by indiabulls housing finance limited.- unfair practice

Address:	560005
Website:	www.indiabulls.com

Dear sir/ madam,

I am employee with outstanding floating rate loan with “indiabulls housing finance limited”. (Account no - hheban[protected]. I am reaching out to you with lot of grief and sorrow.

I sincerely request you to intervene and reverse the excess interest charged by india bulls with retrospective effect and also reduce the emis. I would like to bring to your notice that i have incurred huge losses from indiabulls due to unfair practice.

Indiabulls are passing on increased interest rate when rbi increases rates however when rbi reduces the interest rate the benefit is not passed back. This one-sided practice is defeating logic of floating rate loans.

My details -
Name – karthik kota
India bulls loan account no - hheban00087897
Mobile no – [protected]
Email id – [protected]@gmail.com

In june 2011, i took site mortgage loan from india bulls @ “indiabulls housing finance limited floating reference rate - lfrr” – 4%” and duration of loan was 240 months.

In august 2013 – indiabulls increased floating rate (Lffr) by.50%
In september 2013 – indiabulls increased floating rate (Lffr) by..50%
In january 2014 - indiabulls increased floating rate (Lffr) by.25%
In april 2018 - indiabulls increased floating rate (Lffr) by.50%
In june 2018 - indiabulls increased floating rate (Lffr) by.20%
Total increase in rate - 1.95%

It can be noticed that rates were increased in september 2013, january 2014 & june 2018 as repo rates were increased.
Between jan 2014 to june 2018 repo has reduced from 8% to 6.25% but indiabulls rates (Lffr) were unchanged. Benefit of reduced interest rate was not passed to customers.

When i took loan repo was 8% and repo as on date is 6.25%.

As of june 2018, i have been informed by india bulls that i have 354 more emis. This is after paying 84 emis. I wouldn’t regret paying more emis if the interest rate would have increased but this is not the case here.

I have approached indiabulls many time, they inform me that their base rate has not changed so they cannot reduce the rate.

Would also like to bring to your notice that they are giving better rate for new customers however they are not reducing the rates for existing customers. This clearly indicates unpleasant intention of india bulls.

Expected resolution - request your interference in correcting my emi duration and refund of excess interest paid from retrospective basis.

Sincerely looking forward for revert from rbi. Request your interference in correcting my emis from retrospective basis.

*source of repo rates – moneycontrol.com

Regards,
Karthik