Lic home loan interest
Abdul saleem
(Querist) 23 October 2015
This query is : Resolved
Dear Sir,
This is regarding the home loan taken from LICHFL.I have availed the loan to purchase a home in 2010 @ interest rate 8.5% with floating agreement. After 3 years LICHFL revised their rate to 11.75% due to reserve bank rate revisions and still they are charging the same interest rate whereas the current interest rate is 9.5 to 9.9%. I was requesting them since 2013 to look into this matter as i am paying a high interest rate as compare to market rate and the branch is not responding on this matter. Can you please advice how can i legally proceed to claim the interest they over charged? is it possible file a suite in consumer court for charging the fixed interest in a floating agreement? Please advise. Regards,
Salim,1/31, Prathibhanagar,Palakkad
Anupam Lahiri
(Expert) 23 October 2015
First you consult the loan agreement carefully as to the interest chargeable part. In case of floating rate of interest, look carefully as to how the interest rate to be charged on month to month basis.
In case, it is found that the bank is charging more than the contracted rate of interest, of course it would confer a cause of action to file a complaint before the District Consumer Forum.
However, you cannot get the remedy of charging fixed rate of interest in lieu of contracted floating rate.
Parthasarathi Loganathan
(Expert) 23 October 2015
Please check up whether there is any bar imposed on the sanction terms in switching over to Fixed Rate. If not, file a complaint against the branch to its Head Office and seek their immediate intervention into the matter.
Kumar Doab
(Expert) 25 October 2015
Your contention as posted by you is that:
"? is it possible file a suite in consumer court for charging the fixed interest in a floating agreement? "
The answer seems to be NO!
It is clear from your query that you are not asking for switch-over from floating rate to fixed rate.
However you may carefully go thru the loan brochure, loan application, loan approval,loan agreement and relate, with guidelines issued by regulator in this case....................e.g. RBI..........
While M/s LICHFL was quick to raise the rate above base rate in case of increase it has not decreased, when there was a decrease.....................and on the top of that M/s LICHFL is maintaining a studied silence on your complaints.
Have you lodged verbal complaints or in writing?
If verbal narrate all representations (mention dates/names/minutes etc) and obtain acknowledgment..
If not replied escalate to MD and move to DCDRF.
Rajendra K Goyal
(Expert) 28 October 2015
Agree with the advice from expert Kumar Doab.
Kumar Doab
(Expert) 28 October 2015
Dear Mr. Loganathan,
Kindly share your valuable advise in an interesting thread at:
http://www.lawyersclubindia.com/experts/Harassment-and-threats-by-citi-bank-india-566031.asp#.VjDHiG5-jMo
There are many points in the thread on which you can provide clarity and everyone shall benefit from it.
Regards
KumarDoab
Parthasarathi Loganathan
(Expert) 29 October 2015
The credit card related query posted in the link is not as complicated as it appears in the narration. Anyhow, if interested before I address to the solution, I would suggest the author to kindly clarify the specific aspects raised by me for better understanding (parawise extracted as under)
Please clarify my queries noted @@ against every point in your query:
---------------------------------------------------------------------------------------------
1. The Credit Card is issued by Citi Bank India 18 years back and there is not a single default in payments. Based on the excellent history Citibank local branch sold add on card for spouse, to the customer.
@@@ 1. Whether you hold a statement of account now on this credit card evidencing there is no default from your side. 2. Who has assigned this status of ‘Excellent history”. Did you not submit any application seeking add on card facility for your spouse?
2. Citi Bank has not been providing satisfactory services. It has not been supplying bills on time and levying charges. The courier employed by ban M/s Blue dart was hand in glove with bank and would send false information’s. It held on to renewed card with it for more than a wee k in its office and posted that on complaint posted that customer declined to receive. The street is CCTV covered and customer called the bluff of courier and bank. The bank does not act on courier for obvious reasons.
@@@1. Did you ever lodge any complaint against the bank for deficiency of service?. Do you have any proof or evidence to suggest that the courier was hand in glove with the bank?
3. Customer has permanently blacklisted the Bluedart/DHL courier in writing to courier and bank.
@@@How come a customer could blacklist an internationally renowned courier company? If so, did you raise the matter to it corporate head office narrating the experience
4. The Citibank was instructed to send bills by Registered Post only. The statement is from 22nd to 21st of the moth and payment due date is changed and sometimes it is 7th sometimes some other date. In place of dispatching the bill by say 24th/25th or even 25th of the month ,the bill is dispatched at times on 7th of the next month i.e. the due date of payment.
@@@Statements are system generated, please state as to how manual intervention of data could be facilitated with your proof / evidence on hand.
5. The customer has been lodging written complaints by phone calls, in writing.
@@@Keep all those papers on record for production before Court.
6. The local Citibank at place of CC holder, Regional Office at Delhi, Grievance Redressal Officer at Chennai, Principle Nodal officer (Sitaraman) , MD ( Muge Yuzuak), at Mumbai, all were approached. The in charge at Delhi one Tyagi stated that customer may speak to him and he shall resolve the problems. He was changed and then Anshu saini, Vijaylaxmi, joined in his place. Everyone cajoled the customer to not to issue any legal notice and approach court of law. But No one acted and removed the deficiency.
@@@ Any written status was advised by the bank on these reasons?
I shall revert to the matter on receipt of the same
Kumar Doab
(Expert) 29 October 2015
Dear Mr. Loganathan,
The querist is unable to post in this thread.
Kindly look into the reply by posts in the other thread at:
http://www.lawyersclubindia.com/experts/Harassment-and-threats-by-citi-bank-india-566031.asp#.VjDHiG5-jMo
Kumar Doab
(Expert) 31 October 2015
Dear Mr. Loganathan,
Since the querist is not querist for this thread and not a registered expert therefore can not post in this thread.
Kindly look into the reply of the querist by posts in the other thread at:
http://www.lawyersclubindia.com/experts/Harassment-and-threats-by-citi-bank-india-566031.asp#.VjDHiG5-jMo
