[Resolved]  Punjab National Bank Housing Finance [Pnbhfl] — Fraud by pnbhfl: charging me for conversion from floating rate to floating rate

Address:

Hyderabad, Andhra Pradesh, 500046

Email (From pnb) content attached below :
Pnb housing has been giving out fake floating rate loans all this time. What they do is create a constant loan which is never changing and call it pnbhfr (Reference rate) and they set it to some high value e. G. It is 14.35 % since 2015.

Now when they give out the loan to new customers they mention in the fineprint that your actual rate of interest what ever is in the pnbhfr (Which is very high) by we are giving you a discount of 4. Xx % so you will be charged and 8.90 % only.

Now even if you are at a floating rate.. They never change your rate of interest as they never change the pnbhfr rate. So you actually make your rate of interest change they ask you to pay more money.

This is what has happened to me.

Here is the email content from hyderabad branch. (Who is only 10th pass by the way) application number : hou/hyd/0616/294020

This is with reference to your inquiry for change of floating rate of interest in your loan account. We wish to inform you that floating rate structure applicable on your loan is linked to floating reference rate of pnb housing finance limited (Pnbhfr). We understand that few banks have changed their base rate and the situation is being reviewed by the industry in light of other macro-economic indicators. Kindly note that as of now there is no change in the pnbhfr, we are offering the roi conversions to the customers as per schedule of charges.

Please refer the our website http://www.pnbhfl.com/home-purchase-loan/rate-of-interest.aspx for home loan rate of interest.

Please note that the conversion fee is applicable as per the schedule of service charges as available on pnbhfl website and on branch notice board. For a conversion from floating to floating rate the fee applicable is 0.50% of principal outstanding plus service tax.

Please refer the latest schedule of charges on pnbhfl’s website (http://www.pnbhfl.com/fair-practice-code.aspx) and / or at the branch office of pnbhfl. The schedule of charges would be revised by pnbhfl from time to time.