[Resolved]  IndiaBulls — rate of interest & foreclosure charges

Address:

Surat, Gujarat

I had taken loan at 11% floating interest rate in august 2016 from indiabulls housing finance company with loan no. Hlapsur00281990. Rates have constantly kept changing every few months by 0.20% to max 0.50% everytime. But in november 2018 the rate has been hiked straight 1% from prevailing 11.5% to 12.5%. Again in december there was another hike of 1% from 12.5% to 13.5%. I complained at the nearest branch about it but they said rates cannot be changed. So i had to forcibly take decision to foreclose the loan.in that also they are charging 3% + gst. I had taken loan of 62lakhs and now after paying about 22lakhs already in emi i still have to pay 60.83lakhs to foreclose loan.

Indiabulls is charging 2.05lakhs charges for foreclosing which i have to do forcibly because of such steep interest rate hike for no reasonable market conditions. Indiabulls is giving new loans at 11.50% right now and they are charging 13.5% to old customers.

This is not fair at all and i have already lodged complaint with national housing bank (Nhb) regarding the issue.