Home Loan from GE Money - Wizard
Interest not being REDUCED

When i took home loan from Wizard Home Loan (of GE Money) in last July they have attracted as they offered it at 9.99% when all bank were giving home loan at 13 to 14%. They have assured me that our Home Loan Interest rate would be always 2% lower then the leading bank home loan rate like ICICI Bank Home loan.

In the meantime the loan was disbursed, they had increased the interest rate without any information to me to the tune of 1.50%.

When recently i contacted them for reduction in interest rate, they have not responded positively. And till date when SBI is offering Home Loan at 8%, GE Money is charging interest at 11.50% throught this period and till date.

I had made a complain at GE Money and at National Housing Bank site but every body is sleeping over it.

I think there is no regulator for Home Loan All banks and Housing Finance companies are charging as er their wish by maiking false promises.

Where i should go now. I heard a news that RBI is doing something to regulate Home Loan interest rate, but i know these type of policy change happen quite late.

I am incurring Rs. 6700/- excess interest on my Home Loan of Rs. 23 Lac.

ANY BODY CAN HELP IN THIS RESPECT. [email protected]