I purchased a home in Pune, and for that took a Home Loan at floating rate from GE Money. I don't remember how I came across that executive. But after some persuation and looking at GE Money as new entrant in Home Loan segment thought it would be a bit soft and work towards increasing their consumer base and not harrass its customers.
All the details were chalked out, that it is governed by RBI guidelines and they are very consumer friendly and all that shit at the begining.
Anyway my assumption was short lived. I took the Loan at 11% a 2 years ago for a good amount and good EMI for that. Just after 8 months they increased the interest rate to 11.71% without any notice to me. I didn't came to know of that as I paid a pre part payment to them, so the increase in EMI or tenure didn't come into picture.
After some months again I paid up more pre part payment, and on getting the Amortization schedule saw the increase in Interest component of the EMI. Spoke to the Customer service and they said they are acting according to the RBI regulations and have increased the rate, but took it in my stride as that time there was increase in Interests all over the banks.
Now as all you know about 9 months ago the whole world market came down, there was no money in the market. All the housing finances were lowering their interest at regular intervals but these GE didn't move. SBI, PNB, LIC, ICICI, HDFC i.e. all Nationalised and Private banks have their rates lowered for new as well as existing customers and now its in the range of 8-10%. I waited for sometime for GE to respond, thinking maybe they would have not yet passed on to the consumers.
I started following up with the customer service as to why the interest rate is not lowered, response was that they are not going to lower the rate and it continues to be same. I reminded them of the RBI guidelines and regulations and but they didn't buldge. They replied they follow RBI, but due to some damn factors they wouldn't be lowering the rate. There was some more communication on this, but nothing for me to gain apart from FRUSTRATION.
Sorry this is all going on April- May.
Now the height of all this, on that mail they replied back to me saying they are going to increase the interest rate to 12.5% from May and I have to provide new cheques or setup ECS with them as soon as possible. I replied are they nuts or crazy, instead of lowering the rate or atleast maintaining the rate at 11%, they are increasing in this market situation. They are the worst, hypocrite banks I have ever seen. I think looking at this, ICICI is good (have to say).
To lower they don't have any RBI regulations, but when RBI gives a go ahead to increase they are the first to do so, big HYPOCRITES, CHEATERS, WORST BANK.
I asked them what is the foreclosure procedure, and now they are coming up with new things, they are saying the rate of 12.5% was put from JULY and I will have to pay that difference amount as they didn't accounted me into that till now. So Great of them! and whatever part payments I made won't be accounted when I would be paying the foreclosure penalty of 2.21%. Such LIARS, coming up with new ways to dupe and extract money from their customers.
I am really working out to really pay up the principal and close my account with GE Money anyway.
PLEASE TAKE MY ADVICE AND ALL THE OTHER REVIEW POSTED HERE ABOUT GE MONEY, DON'T EVER TAKE ANY KIND OF SERVICE FROM THEM. THEY ARE HERE TO DUPE, CHEAT... TAKE SOME INITIAL PAIN OF ALL THE FORMALITIES THE NATIONALISED BANKS ASK FOR, AND YOU WILL BE IN PEACE FOR THE REST OF YOUR LIFE.
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