HDFC Ltd
Unfair trade practices

Dear Sirs,

We had taken a housing loan from HDFC LTD (“The Company”), in the year whilst we were in Dubai, UAE. The loan was taken @ floating rate of interest, for buying a property in Ernakulam, Kerala, for Rs. 27 lakhs.

We have had a host of issues with this company during the tenure of the loan, due to which we chose to make an early repayment and close the said loan within about 4 years of availing the same.

We have observed that the company had increased the rate of interest whenever the market rate of interest had gone up. However, we have not seen them reducing the rate of interest charged to our account at the same speed, whenever the market rate of interest came down! When we had enquired regarding this unique phenomenon, the company officers, with whom we had interacted in Dubai and Ernakulam, had conveyed to me that it was appropriate as per their internal regulations. Furthermore, they said that we need to execute a fresh loan application and enter into a fresh loan agreement to avail the reduced market rate of interest. We believe that this might be an unfair trade practice by a large corporate, on their unorganized, isolated, hapless customers, which nobody would want to object.

We were not aware of this “consumer complaints forum” untill now, when we actually stumbled upon it today.

Is it possible to help us by taking up this issue with the company? Please forgive us if our understanding of floating rate interest loans is flawed.

The loan account number with the company is 311927714

Thanks and regards

Ranjini & Ramakrishnan K P

4E Skyline Palmshade Apartments

Edappally

Ernakulam 682 024

Kerala

91 9746 31 32 35

Company: HDFC Ltd
Country: India
State: Kerala
City: Ernakulam

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