Punjab National Bank Housing Finance [Pnbhfl] — wrong interest rates / illogical increase in tenure / frequent increase in emis / no transparency

Address:

560100

I’ve availed a home loan of rs. 51 l from pnbhfl about 2.5 yr back for 360 months tenure at an interest rate of 8.5%.

Issues:
1) interest rate: in last 1 year the interest rate has been revised 3 times & it is currently 9.85%. While rbi rates has dropped recently, instead of reducing pnbhfl just increased it last month once again.

2) my emi has been revised 4 time post 1st year & has gradually increased by close to rs. 3000 (Incremental amount)

3) my basic understanding of loan says that if emi is increased then my loan tenure should remain the same. But to my shock upon enquiring i was informed that my loan tenure has been increased to 720 months which is exactly double than what i had opted for. Its beyond any logic in my head as to how my tenure can be doubled. An increase of tenure by few more months is understandable (Though it shouldn’t be when my emis are increasing), but doubling to 60 years sounds like a crime.

4) in last 2.5 years, only 50k has reduced from my principal amount.

5) all these has been done by pnbhfl without a single one intimation. This akin to cheating. As a customer if one lets their guard down for even a quarter things can change completely in the background.

Now situation 2: my close relative took a loan from pnb with similar details almost at the same time as we brought this property together.

In his case;
1) emi has not changed even once in last close to 3 years.
2) interest rates has gone up to 10.5%
3) his loan tenure has been increased by only 12 months.
4) his principal amount has been reduced by close to 2l till date.

Now if one notices, there are no similarities it protocol from loan to loan. If at all pnbhfl has any semblance of following rules it should have some similarities. It comes across to me that they are just working on their whims & fancies to cheat customers they way they please. I’m sure many customers must be trusting them & continue to do the mistake of paying as they want till they discover the trap that pnbhfl has worked in the background.

I seek justice & advice to resolve this issue.

Indranil sg.