Reserve Bank Of India [RBI] — Interest rate on Home loan not reduce

TS Subramanian

from Pathankot, Punjab

Address:	Chennai, Tamil Nadu, 600075
Website:	Home loan interest rate not reduced as announced by PM

Home Loan A/c [protected] of SBI Tambaram Town Br. I opted for floating Interest rate and at the time of sanction it was 9.5%. After the announcement of reducing Int. rate by PM, it has not yet been reduced and they say the base rate was fixed by RBI at the time of sanction. Why the Banks are not permitted to reduce the Base rate? Then what is the use of announcement by PM?

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Comments

Jatin Dave

from Mumbai, Maharashtra

I am having a Home Loan Account No. [protected] with Union Bank of India, Kandivali (East)Loan Point, Mumbai, Maharashtra.
Previously the Interest Rate maintained was 9.35% but after PM announcement, i have checked with some of my friends and Colleagues who has home loan taken from different banks, And came to know that their Interest Rate Came down to 8.35% ( however they had to visit to the Bank and fill up the separate form to reduce the Rate).
Like wise I also visited Union Loan Point, Kandivali (east) Office and checked my Current Interest Rate which was still 9.35%. I asked them to let me know the Procedure to reduce the Rate as per PM announcement. Then they told me that They have received a Circular from Union bank Head Office that Interest Rate should not be Changed immediately and It will be Changed as per the Loan Sanctioned date for every Individual cases.
That means My Loan Sanction Date was in July End, so my interest will be Reduce as the Rate Going on in the Month of july 2017 and thereon. And I will have to bare this extra Rate till July' 2017.
Then what is the Meaning of PM announcement if People are not getting effect immediately. And Banks are not following the Orders.
Kindly consider this as my very serious and Official Complaint against Union bank of India, Loan Point, kandivali (east), Mumbai & do the needful.

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Regards
Jatin Dave
Mo. : [protected]
Mumbai