IDBI Bank
Increase in EMI with increase in RBI BPLR

Good day,

I availed of IDBI Home Loan with floating rate of interest. EMI was fixed at Rs.1, 17, 000/- for 180 months. Later in due course, because of increase of BPLR rates by RBI, IDBI also increased the home loan rates and eventually my EMI has reached 1, 35, 000/-, which I find really difficult to pay, with the resources I have.

On querying with IDBI Bank, if they can maintain same EMI, but increase the tenure, I was advised by the Operations Manager that such a scheme is not existing and that if I want to reduce my EMI, I can pre-pay some principal amount.

But I believe, RBI had understood the woes of the Home Loan customers and directed the banks to increase the tenure, but IDBI Bank Manager mentioned to me that such a directive has not reached the banks yet.

I would like to know from the Consumer Forum, if any progress has been made regarding the directive from RBI and if so, how long will it take for customers like us to actually avail of such an opportunity.

Brgds,

Chetan Bapat,

Thane West