To,
HDFC LTD,
Name: Anilkumar Ravi Thayyil
Loan a/c No : 213902521
Loan amount :14, 61, 000/-
Current Rate OI: 9.25 (Floating)
HDFC branch: Virar (Maharashtra)
Branch manager: Samir sharma
I have taken home loan from HDFC, Floating rate category. When RBI started to increase the rate of interest, the bank increased their PLR rate. But when the rate was reduced Bank did not reduce the interest rate to extend of 8.25% to 8.75%, the rate which they are offering to their new customers.
In the month of april I approached the bank to reduce my rate of interest to 8.25 or 8.75, the rate at which they are offering to their new customers. The bank only reduced my interest rate by 0.75 basis point for which I had to pay a processing charge of 0.50% of my principle amount of loan taken.
In the month of August I again approached the bank to reduce the rate of interest, they gave me a offer to reduce 0.75 basis point by paying a processing charge of 0.5% of my principle amount of loan and in addition to that if I pay 1.50% more as processing charge the rate would further reduce by 0.50% basis point. I paid 0.50% of my principle amount of loan and reduced the rate of interest by 0.75 basis point.
After paying around 15000/- RS as process charges I am still paying 9.25 % interest on my loan where as the new customers the bank is offering 8.25 to 8.75% interest rate.
Please convert my existing Home loan to the New loan rate and should be done without any conversion charges.
I am also taking the matter to the Indian consumer forum with the following complaints.
1) Why is bank charging more, when the rate is less (cheating or not) in floating rate method.
2) Why are bank charging the processing fees to decrease the rate of interest and still they are not making the rate equal to new customers (which is still 1% lesser)
3) Why is the bank not transparent with their existing customers.(Banks has never approached any existing customers to tell them about the scheme of reducing the interest rate by paying conversion charges, nor in their web site they have mention about it.)
Kindly revert me back, waiting for a positive reply.
Regards
AnilKumar Ravi Thayyil
Cc: HDFC
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