I have received numerous complaints from my IT friends in Pune/Mumbai that ICICI is resorting to violent means to recover EMIs for various loans. As I told u time to time, ICICI is about to break around Dec-2009 - Mar-2010 as number of defaulters increasing exponentially throughout India. Repurcssions of US economy meltdown comes late India by about 6-8 months. My sincere advise to friends is foreclose your ICICI loans at any cost as interest rate is very high (around 13.00%). Also, if possible, transfer your loan to public banks as they offer laons at 8-10% interest. If there are atrocities by bank, report it to paper like mumbai/pune dailys. I have never seen such a badmash bank in my entire life. They are first-rate cheaters. Very bad for long-term investors and loan-takers. Govt of India is doing nothing. This is very serious. Also, if possible spread this message to all your friends through all possible communication channels(emails,blogs,forums). Find out is it possible to form union of loan takers to this issue to the highest level.
Friends, Indians, Countrymen... let us give chance to BJP one more time with convincing majority (at least 275 seats) for the folloing reasons. 1. The technological advancement that country saw in their tenure of 5 years(1999-2004) was a no match to the earlier 50 years of rules by Nehru-Gandhi kingdom. 2. This technological opportunities created more and more rural/urban employment opportunities without which today a country of over a billion population would have been just like Somalia ridden with debt . 3. It disturbs me and I hope every Indian with the spate of terrorist activities that took over the last 4-5 years. No cities were spared..Delhi, Mumbai, Hyd, Blore, Jaipur, Guhati, Benaras, Ramgarh, Jammu, Srinagar, Ahmedabad, and few of these listed had multiple incidents of terrorists attacks.. The thing that is really disburbing is the ease and the relative regularity with which the terrorists struck.
There are hundred more reason which can be listed for the failure of the UPA govt.
Re: Vote for BJP
by jeevan on Mar 01, 2009 08:34 PM
Let BJP give a statement about mandating bankers to give for fixed interest rate across the different types of customers.. Then I will rethink. Otherwise I will vote for congress only. Its better to vote old looters instead of inviting new looters..
wHY PRIVATE BANK LIKE HDfc ARE NOT REDUCING THE INTEREST RATE FOR THEIR EXISTING CUSTOMER WHY GOVM REDUCED CASH REPO RATE BY 400 BASIC POINTS??????????????
All this BANKS SHOULD BE ANSWERABLE. GOVT SHOULD BE STRICT WITH THEM TO RELIEF THE COMMON MAN.
Many banks (both Public & Private Sector) are ready to lend money to the masses but a type of job/financial insecurity has been creped into the minds of borrowers. Look at the following possible borrowers :
(1)Corporates / Industries / Small Scale Units - Doubt if they could use the money from banks, if borrowed, in an effective and profitable way without lapses on re-payments. Slow-down of production / demand in many sectors may prevent the industrialists from going for new investments in machinery etc..
(2) Traders : Subsiding market demands in many sectors discourages them from new investments / or from diversifying their business.
(3) Individuals / Employees / Salaried/ Daily earners : Feels a kind of in security in their present jobs due to slow-down/ economic crisis & can't predict what's the future cash-in's in the coming months /year bearing in mind also their expenditure in Roti, Kapada, Makkan, Health sector requirements, Children education etc... If they go for borrowing from banks then it may lead them to RED signals. A general improvement in the present economic situation is the only way that the excess liquidity in the banks/ financial system can be utilized by corporates, individuals, traders etc... Also, the banks are holding deposits that they took from public at higher rates, the excess liquidity created by RBI is part of this also. Pumping in large amounts into the economic stream didn't had any desired effect ,so RBI should look for alternatives.
I completely agree with what Teotia has written. Its high that the so called govt of India / Finance ministry to pass some kind of amendment to private banks to stop increasing the EMI / tenure periods to unreasonable proportions.. already common man is under severe pressure of recession.. many of us are not sure of our jobs hoe long will they last...an ideal situation will be fixing limits on int cost which go down when int go down & remain same when int rates are going above the int at which we sign our loans..when going was good govt allowed this builder lobby to loot common man .. now that property prices have crashed let alone having to cope up mentally for the huge fall in our hard earned investment... we are getting sleepless nights from our beloved pvt banking system... why is that they are increasing int rates on the loan amount that they borrowed on low int rates from abroad..why cant govt whip them to have human consideration... hope we get some protection from govt for whom people like us pay tax sincerely...
.. everybody was in a huge gurry to increase all prices.. but when oil prices fall, commodity prices dont want to come down. Only prices of vegitables and a few others why..? why doesn't govt. intervene and ask the prices to be dropped to pre-oil price boom levels..?
Re: The home loan rate at Kotak is 13.5!!
by ravi kumar on Feb 28, 2009 03:35 PM
SBI / SBT home loans are available at 8.5 - 9.5% and floating rates are also similar. So check with them for transfer of your loans to these banks.
My message is for HDFC CMD Mr. parekh. These banks are modern dacoits in our system. They lured their costumers by giving lons on floating basis. The RBI has reduced repo ratse and reverse repo rates by more than 200 basis points during last three months. However these dacoits are still continuing with the interest rate of 11.50% on home loan on old, genuine and sincere customers. They have no heart to feel the burden which common man is carrying with these dacoits. All cheers to govt.for feeling about the problem of common men. To discourage the transfer of loan now they say they will charge 3% for the account settlement. These rascals should be told to pack up their things from the country and all the loans be transfered to Govt. banks. They say they have better service for customer what service they are talking about. They have no human face in the hour of crisis i.e. recession period when employes are losing jobs and they are enjoying with the sucking of blood of common man.
May god give them the human face to serve the humanity.
Re: Interest rate Cuts
by Anup Bhandary on Feb 28, 2009 03:31 PM
Man same is the issue with LIC Housing finance. I and my friend took loans from different branches for the same amount and even the EMI was same., and I am suprised to see that my EMI increased his by 1000 rs in the month of august and for him there is no change. From that time they have not at all reduced the intrest rates. God knows what RBI did by reducing intrest rates. I am planning to go to consumer court aagainst LIC housing finance. First thing is why my friends EMI remainied unchnaged, secondly why they have not reduced intrest rates til now. its still 11.75
Re: Re: Interest rate Cuts
by sunil sharma on Mar 01, 2009 08:32 PM
with LIC Housing Finance, I pay at 10.75% for 25 Lacs.They reduced only 0.5% recntly while PSU banks are regularly reducing. RBI has no hold on these while when increasing rates RBI too supported them.
Re: Re: Interest rate Cuts
by sunil sharma on Mar 01, 2009 08:31 PM
with LIC Housing Finance, I pay at 10.75% for 25 Lacs.They reduced only 0.5% recntly while PSU banks are regularly reducing. RBI has no hold on these while when increasing rates RBI too supported them.
Re: Re: Interest rate Cuts
by ravi kumar on Feb 28, 2009 03:38 PM
Look for nationalized banks, SBI/SBT etc... home loans are at about 8.5 - 9.5% . Check with them for details. ICICI, HDFC, KMB rates are higher.. they have a different way... Better check and go with a better one.
RBI by-n-larfge has failed in managing & controling indian economy. They know only one method of control, i.e. interest rates. Few months back when cost index was going high & high, RBI increased interest rates 4-5 times but all in vain. The index kept on shooting up. Now to curb recession they are decreasing interest rates, till now no effect is visible. I think we should have some different more efficient & innovative institution to manage our economy. RBI is out-dated.
Re: RBI - A failed institution
by shiva kumara on Feb 28, 2009 03:16 PM
effects will be visible only when the benifits are passed on to the customers. None of the bankers have reduced the home loan rate for the existing customers.
