I have taken a home loan from Birla home finance at floating rate of 7.5% in April.
Ever since, interest rates have gone up and my home loan interest rate has also touched a peak of 11.5%.
When the interest rates go up, there is a very prompt letter from the organization saying that interest rates have gone up and they would be pasing on the increased interest costs to customers from next month.
However, when the interest rates go down, there is no such reaction from the organization.
They are able to offer new home loans @ 10.5% to customers but not reducing my interest rate. When asked, they say their definition of floating rates is linked to their internal cost of funds which has not come down and so they cannot reduce rates for existing customers.
I really feel duped as a customer and feel company is taking advantage of me because of my negligible bargaining power as a customer.
I would want organization to explain this differential treatment and not term this as a marjketing strategy to get new customers. I would like to know what action and steps can i take to get out of this situation.
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