State Bank Of India [SBI] — Home Loan Interest - Floating

Address:

Bangalore, Karnataka, 560016

Dear All,

I took home loan in Jan-2011.
It is a teaser loan. 1st Year 8% & 2nd and 3rd Years 9%.
There after it is on Floating Rate. (Base + spread 1.75%)
By Jan 2014, based on the floating rate it touched to 11.95% (10.2 + 1.75).

I opted for existing spread(0.15%) by paying penalty of 0.58% of Withdrawal amount.

After MCLR implemation, my loan Base Rate is not changed for past 6-9 months.
I am paying 9.45% till now, even the Home Loan for MaxGain is 9.3%.

Now MCLR is reduced by 0.90%.
MCLR is 8.00%.

Based on my existing agreement with SBI, my home loan rate should be Base Rate + 0.15%.

What will be the interest for my existing home loan for rest of the period.

Whom to contact for correcting the Interest rates.

Requesting all of you to have a look and help me if you faced the similar situation earlier and resolved.

It will be helpful for many MaxGain account holders.

Thanks and Regards,
Sivarama Krishna K