Reserve Bank Of India [RBI] — reliance housing finance ltd is not reducing the rate of interest in spite of reduction in repo rates by rbi

Aug 14, 2019

Updated by C.V.Kulkarni Reliance Home Finance Customer Care <[protected]@mailsy.custhelp.com>

Jun 19, 2019, 4:16 PM

to me




Response By Email (Rochelle Rodrigues) (19/06/2019 04:16 PM)
Dear Customer,

Greetings from Reliance Home Finance Ltd.

This is with reference to your e-mail dated 17th Jun'19, regarding rate of interest for your Loan Account numbers RHAHHUB[protected], RHAHHUB[protected] and RHATHUB[protected].

We would like to inform you that the Prime Lending Rate is revised on the basis of various parameters and internal factors. The rate of interest depends on various factors like change in Reliance PLR, external market condition etc.

Kindly note that the PLR of each lending entity varies and is a function of cost of funds, liquidity availability and maturity, nature of risk taken along with many other cost and risk parameters.

We would like to update that the Reliance Home Finance Prime Lending Rate stands revised to 19.35% p.a. with effect from 1st May'19. The rate of interest for your above mentioned loan account numbers therefore stands revised from 10.05 % p.a to 10.25% p.a.

We would like to inform you that currently reduction in rate of interest is not possible.

We wish to inform you that whenever the interest rates will come down, a formal communication will be sent across to you.

Thank you for choosing Reliance Home Finance Ltd.

We appreciate your business and look forward for the pleasure of serving you again.

Yours Sincerely,
Rochelle Rodrigues.
Customer Care Executive.
Reliance Home Finance Team.
Note: Reliance Home Finance Ltd introduces you to a One Stop Self Service portal to stay updated about every aspect of your loan with ultimate ease. You can view and download your loan related documents in just few clicks.
Log into customerselfservice.reliancehomefinance.com with your PAN number today!!!
For any further assistance, please feel free to write to us at
[protected]@reliancehomefinance.com OR call us at[protected]/[protected]toll free) OR visit our branch between 9:30 am to 5:30 pm from Monday to Saturday (Except Public Holidays and 2nd & 3rd Saturdays). We shall be glad to assist you.
To claim TDS refund, we request you to kindly download the original Form 16A from TDS TRACES site https://www.tdscpc.gov.in/ and send us the Digitally signed TDS certificate through E-mail. Kindly ignore, if TDS is not applicable.
Customer By Service Email (CHIDAMBAR KULKARNI) (17/06/2019 03:56 PM)
Dear Sir / Madam

I am waiting for your reply by return mail.

Thanks & Regards

C.V.Kulkarni

On Sat, 8 Jun, 2019, 3:45 PM Chidambar Kulkarni, <kulkarni.[protected]@gmail.com> wrote:
Hi

I have been raising my concerns about the interest part.Kindly refer to the information shared by RBI .

In last 3 years you have been increasing the rate of interest dispite of the reduction in the
Repo rate by RBI.

At the time of my loan allotment it was 8.9% has moved up to 10.25% which is exorbitant & not at all in line with RBI guidelines.

Request you to revert how are you going to reduce the rates by return mail.

Failing which I will be forced to bring it to the appropriate authorities & switch to some other banks in the nearest future.

Thanks & Regards

C.V.Kulkarni