They will never announce reduction even its 5 % forget .5 %. How is it tokan cut when the repo cut so much?? are we some idiots in these world.Even i have takn a loan from HDFC, they give fast loans but guys dont fall into these traps of private and ICICI banks. We fall into trap becuase we start searchin for property first and then go for santion for loan. Go for lon sanction first and go for psu banks and institutions onlly. even they delay its good. Because they issue their APF numbers to these builders after thorough investigation. Go for SBI and other PSU banks. These private banks never follow daily reducing.. check with PSU banks, they do. Even the correction in rte, PSU bnks will start announcing cut but private banks like HDFC and ICICI wont do. You might have to go to bnk very often for ur loans but do those then fall into trap. Getting a loan in comfort of sitting at home and falling into trap. PSU bnks are very understanding and theymight not look tech savy and fast but that works in log term. So guys hear me out.. no to private bnks like HDFC and ICICI.
They will never announce reduction even its 5 % forget .5 %. How is it tokan cut when the repo cut so much?? are we some idiots in these world.Even i have takn a loan from HDFC, they give fast loans but guys dont fall into these traps of private and ICICI banks. We fall into trap becuase we start searchin for property first and then go for santion for loan. Go for lon sanction first and go for psu banks and institutions onlly. even they delay its good. Because they issue their APF numbers to these builders after thorough investigation. Go for SBI and other PSU banks. These private banks never follow daily reducing.. check with PSU banks, they do. Even the correction in rte, PSU bnks will start announcing cut but private banks like HDFC and ICICI wont do. You might have to go to bnk very often for ur loans but do those then fall into trap. Getting a loan in comfort of sitting at home and falling into trap. PSU bnks are very understanding and theymight looking tech savy and fast but that works in log term. So guys her me out.. no to private bnks like HDFC and ICICI.
Even though banks reduce homeloan interest rates by .5%, there will be hardly any reduction in EMI. For 25Lacs loan, this reduction merely comes to Rs.845 per month.
RBI hiked interest rates 13 times in a span of 3 years. Property prices have bubbled multifold times during this period. So this half rate cut is not much saving for aspiring home seeker.
If the bank does not reduce interest rates it has to be treated as cheating..whenever RBI increased repo rate they increased the intt. rate without any delay..now if they dont reduce it immediately..it will be unfair for the existing borrowers..personally in that scenario..i will move to Banking ombudsman or to any other legal cell with the complain..it is advisable to all other housing loan borrowers also.
Re: Cheating??
by aveek adhya on Apr 18, 2012 11:56 AM
I agree. I have seen even SBI is doing the same thing. I think all the banks or financial institutions are same, they all cheat us in some way. Don't trust them.
Re: Cheating??
by Captain India on Apr 18, 2012 12:08 PM
Since there is no prepayment panelty now, just threaten to close the account and move to another bank and they will start talking...
Re: Re: Cheating??
by Indian Citizen on Apr 18, 2012 12:29 PM
Moving to another bank for takeover of remaing home loans, you need to redo the process of home loan by that bank. I did it and landed to wrong choice of SBI. Finally I paid and closed.
Re: Cheating??
by Indian Citizen on Apr 18, 2012 12:24 PM
SBI is highly unprofessional in implementing the reduction in the interest rates. They do not chasnge EMI and they that this would reflect in changed installments but at the end you come to know that even their software in use do not take care of excess EMI payment properly or you get satisfied for non excess payment. System needs to be transparent. Your documents are with bank with very hafzard record keeping which makes your BP go up every time till you receive it back on clouser.
