Ref : My Home Loan Sanction Approval No. 142637 Dt.16-09-2008
With refer to my housing loan agreement No. PH 0420100098532 -, with AXIS BANK, MALL ROAD, LUDHIANA
My housing loan was sanctioned on 16-09-2008 with interest rate being 2.75% less than the MRR as per my Power Home Sancton Letter . At that time bank MRR is 14.25% as per my sanction Housing loan documents Rate of interest charged to me is 11.5 % (14.25 %- 2.75 % ).
In Loan Sanction Letter it is clearly mention that
Interest rate type ==== Floating Rate Linked with Bank MRR .
At the time of disbursment bank provide me loan at 11.5% ( 14.25-2.75=11.5 %). At present bank MRR is reduced to 13.00 which means my interest should be 10.25 % (13.00 - 2.75 ), reduced to that extend . But bank have not reduce my interest rate till date.
When I contact your bank, You Bank simply reduce the interest rate from 11.5 % to 11.25 % ( just 0.25 % to make me happy ) whereas your MRR reduced by 1..25 % ( from 14.25 % to 12.5 %)
It the responsibility of the bank to reduce the interest rates charged if the MRR reduced . I feel that I was cheated by the AXIS BANK LTD .
My mobile No. is 9316917308 My email address is email@example.com