Home Loans
Querist :
Anonymous
(Querist) 16 December 2009
This query is : Resolved
I have a flexi home loan and the bank never tend to bring the rate down when the market rate comes lower. Every time I question them, they ask for a "retention fee" to bring the interest down. I would like to understand what flexible rate of interest means here and what can I do legally under such cases where the bank does not bring the loan rate down.
A V Vishal
(Expert) 16 December 2009
THE BEST SOLUTION TO YOUR PROBLEM IS TO GET IN TOUCH WITH A GOOD LAWYER HANDLING BANKING CASES, FROM MOST OF THE CASES IT IS SEEN THAT THE CUSTOMER IS UNAWARE OF THE CLAUSES IN THE LOAN AGREEMENT, DUE TO IGNORANCE THEY ARE BEING TAKEN FOR A RIDE BY THE BANK AND I CAN VOUCH THE PEOPLE AT THE CUSTOMER CARE ARE NOTHING BUT A BUNCH OF GOOD FOR NOTHING FELLOWS WHO DON'T KNOW THE BASICS OF BANKING AND SIMPLY CHATTER AS IF THEY ARE GIVEN SOME DIRECTOR'S SCRIPT, FOR ALL YOUR PROBLEMS THEY HAVE A COMMON ANSWER, NOT 10 BUT EVEN IF YOU SPEAK TO 1000 OF THESE GUYS WITH YOUR PROBLEM THEY HAVE THE SAME STANDARD ANSWER IN A SENSE THEY ARE NOT CUSTOMER CARE BUT DON'T CARE CUSTOMER GUYS SO, IN BEST INTERESTS OF YOUR FINANCIAL HEALTH YOU TAKE LEGAL ADVISE AND PROCEED.
Y V Vishweshwar Rao
(Expert) 16 December 2009
The rate of Interest will be fixed or flexible /flaoting rate , as agreed in the loan Agreement , if there is any voilation, you can press for implementation of the Agreement terms - if not satisfied you may solve this problem before the Banks obbudsman !
aman kumar
(Expert) 16 December 2009
you can complain to bank lokpal but plz insure that what is the documents you sign before loan
Querist :
Anonymous
(Querist) 16 December 2009
Thanks to each of you. I wish we had something to prevent fleecing of customers by such finance companies thru fine print. Getting a legal consult everytime before signing a document is not practical.
Such incidents should be noted. Also, wish we had a satisfaction survey from consumers of each finance company. They ought to be held accountable for such "games" they play. Not sure if this message goes to the correct folks in government. If not please do communicate to the correct channel.
