Home loan roi raised from 9.5% to 11.95% by indiabulls
Manish Jaiswal
(Querist) 28 January 2019
This query is : Resolved
My Name is Manish Jaiswal and I have taken a loan from Indiabulls in January 2016 my Loan Account Number is HHLKOK00251441.
I took a Loan for 20 years (240 months) but while checking my account on Indiabulls App i was astonished and afraid to see the Tenure as 394 months.(32 years 10 months).
The EMI was Rs. 26147 but on my account it is showing Rs. 27246.
When i took the loan the RBI Repo rate was 6.25% and the current Repo rate is 6.50. So, there is an increment of 0.25% however, my interest rate has shot up from 9.55% to 11.95%. It has been increased 2.4% from my previous interest rate. Indiabulls also advertise on their website that they are offering home loan at 8.80% p.a. however they have increased my ROI from 9.55 % to 11.95%.
I want to know that if this a Fair Practice and if this is not which i believe then what steps I can take against the company. Currently i wrote my oncern to the grievance team of Indiabulls but they have denied to bring down my interest rate. I have made a complain in the cosumer forum online but the matter is still in process. Please help me and guide me. Can I stop my EMI stating my concern as i am only paying the interest to them because the principal amount which is getting deducted is quite minimal. I am facing a loss of more than Rs. 5000 every month due to hike in Interest rate
H.M.Patnaik
(Expert) 29 January 2019
Normally borrowers are not given copy of documents signed/submitted to financial institutions at the time of sanction of home loan. So, it is very difficult on their part to contest these issues in case of dispute. However, in your case ,have you kept copy of the sanction letter issued by India Bulls. First of all, pl. bear in mind at the time of sanction of Home loans,the borrower choose either fixed or floating rate of interest which affects the quantum of EMI. Even if ,the borrower opts for Fixed rate option, interest rate is changed after 3-5 years from date of sanction ,to keep pace with the RBI lending rate. So, in your case nothing can be opined before you yourself inspect the terms of lending in your loan file. Besides, You have indicated that the Home loan tenure is increased substantially without any reference to you., if it is a fact , the borrower has resorted to unethical practice which can be redressed in proper forum.
H.M.Patnaik
(Expert) 29 January 2019
Normally borrowers are not given copy of documents signed/submitted to financial institutions at the time of sanction of home loan. So, it is very difficult on their part to contest these issues in case of dispute. However, in your case ,have you kept copy of the sanction letter issued by India Bulls. First of all, pl. bear in mind at the time of sanction of Home loans,the borrower choose either fixed or floating rate of interest which affects the quantum of EMI. Even if ,the borrower opts for Fixed rate option, interest rate is changed after 3-5 years from date of sanction ,to keep pace with the RBI lending rate. So, in your case nothing can be opined before you yourself inspect the terms of lending in your loan file. Besides, You have indicated that the Home loan tenure is increased substantially without any reference to you., if it is a fact , the borrower has resorted to unethical practice which can be redressed in proper forum.
H.M.Patnaik
(Expert) 29 January 2019
Normally borrowers are not given copy of documents signed/submitted to financial institutions at the time of sanction of home loan. So, it is very difficult on their part to contest these issues in case of dispute. However, in your case ,have you kept copy of the sanction letter issued by India Bulls. First of all, pl. bear in mind at the time of sanction of Home loans,the borrower choose either fixed or floating rate of interest which affects the quantum of EMI. Even if ,the borrower opts for Fixed rate option, interest rate is changed after 3-5 years from date of sanction ,to keep pace with the RBI lending rate. So, in your case nothing can be opined before you yourself inspect the terms of lending in your loan file. Besides, You have indicated that the Home loan tenure is increased substantially without any reference to you., if it is a fact , the borrower has resorted to unethical practice which can be redressed in proper forum.
P. Venu
(Expert) 29 January 2019
Please verify the conditions provided in the loan agreement
Dr J C Vashista
(Expert) 31 January 2019
Show the loan agreement to a local prudent lawyer for better appreciation of facts, guidance and proceedings.
P. Venu
(Expert) 02 February 2019
Any suggestion depends upon the terms and conditions of the Loan agreement.
