Hi Expert,
I took a loan from ing vysya bank in the year 2007 at 10.5% interest rate and just after a month they increased it to 11% and then again to 11.5% and then again to 11.75% and now 13.50% interest rate. I had taken a loan for a period of 20 years but due to increase in interest rate ing has increased my tenure to 26 years (shocking). I can understand that the interest rate is fluctuating and not fixed but these people are cheating like hell. Last year rbi increased the crr ratio and repo rate twice due to which my rate of interest increased but since october last year rbi has reduced the repo rate and crr many times by over 450 basis points. If I calculate my home loan interest should come down to 8% but ing vysya is charging me a interest rate of 13.5 %. These culprits are sucking money to build their profit. Some one please tell me what actions can I take. I am willing to go to court to take actions against them. Also after 3 1/2 of years of paying my emi's my outstanding amount is more than my loan amount. The ing vysya bank is not a reputed banking sector it seems one sending intimation of 11.5% interest and other tells 12% and when we trying to close the account they come out with 13.5% interest rate and 2% of pre-closing charges. If someone would like to give me some suggestion then please email me at [email protected]
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