Home Loan - High interest Rate
SBI Charging higer interest rates than what they promised and given as a scheme

Dear Sir,

SBI is lending home loan with lowest rate is a wrong impression in the community. This is another fraudulent bank which gives you loan under their "Happy Home Floating Scheme" saying that for 1st year the interest rate will be deducted at 8.0% and for rest 2nd, 3rd and 4th years it will be deducted at the rate of 9.25 % but this is all Fake, The SBI will definately give you 8.0% interest rate in 1st year but as soon as you enter in second year the Rate of interest will start rising and by the end of few months it will rise upto 11.75 - 12.0% and you will be under impression that you are availing the previledge of the Home Loan scheme. I AM ONE OF THE VICTIM OF THE FALSE PROMISES MADE BY SBI. You should regularly check the interest rate as they might be changing anytime.

EFFECT: Due to higher interest rate, your principal amount will reduce very slowly as you are paying 80-90% of your EMI as an interest every month due to which your payment tenure gets extended or you get burden of paying higher interests on your principal. And in last phase of your Home Loan tenure you land up paying higher amount to foreclose your home loan as soon as possible.

If you find this fraudulent practice in 2-3rd year of your loan tenure then after repeated complaints and applications there will be No action taken by SBI for correction of the interest rates. They will say that this is the mistake of SERVER DEPT, this is to be corrected by back office, and we will get it done soon.

Description SBI HAPPY HOME FLOATING

Limit 14, 45, 000.00

Drawing Power 13, 57, 966.60

Outstanding Amount 13, 30, 226.60

Rate of Interest 11.75

Date (Value Date) Narration Debit Credit

31-May (31-May) INTEREST 12, 955.00

24-May (24-May) O.S. DEPOSIT TRAN 14, 872.00

30-Apr (30-Apr) INTEREST 11, 821.00

24-Apr (24-Apr) O.S. DEPOSIT TRAN 14, 872.00

31-Mar (31-Mar) INTEREST 12, 180.00

24-Mar (24-Mar) O.S. DEPOSIT TRAN 14, 872.00

28-Feb (28-Feb) INTEREST 10, 924.00

24-Feb (24-Feb) O.S. DEPOSIT TRAN 14, 872.00

31-Jan (31-Jan) INTEREST 11, 940.00

24-Jan (24-Jan) O.S. DEPOSIT TRAN 14, 872.00

In the above table: EMI paid every month regularly as 14872.00 and SBI is charging every month higher and higher interest rate and deducting interest of 12955.00 which is aprox 13000 out of 14872. Now you can see that principal is getting deducted only 1872.00 which are less than 15%.

Conclusion: Out of EMI which you are paying with your hard earned money SBI is charging more than 85% as interest charges and rest less than 15% as principal repayment from your loan amount.

ITS TIME TO THINK AND ACT! Please Help.

Regards,

Sajeed

Company: Home Loan - High interest Rate
Country: India
State: Maharashtra

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