Jan 12
3

Fixed Rate Home Loan Converted to Floating Rate by SBI

1 Comment

I took a house loan from SBI, RACPC Branch, hyderabad through my Builder Aliens Group for three years fixed rate of interest i.e. for I year it was 8.75% and for II and III year it was 9.5 %. But SBI RACPC sent me a letter in OCT’11 that interest rate is floating right from I month which was 10.5% that time and they have wrongly intimated the fixed interest rate at the time of giving the loans.

Sir, i am a service class person and it has completely disturb by financial planning. Please help me for resolving the issue. i have already written(details of email attached below) to the bank about this 2 -3 times but they are not replying to my emails.

Customer Name : Akshay Kumar
Complaint Against Company : State Bank of India, RACPC, Hyderabad
Customer Contact Number : 8008855591
Name of Person You Contacted in Customer Support : Chief Manager Loan Branch, RACPC
Customer Postal Address : 304, Brundhavan Apartment, Geethanagar, Old safilguda, Hyderabad

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Posted in Finance by Akshay 1 Comment

1 Response to "Fixed Rate Home Loan Converted to Floating Rate by SBI"

  • Sreekanth says:
    April 28, 2012 at 1:24 pm
    Reply

    Hello Akshay ,

    I am sorry for what has happened to you , I had the same problem with SBI easy home loan however with the help of some documents from the internet and some persistent followup by both the bank manager and myself , I could see it to resolution .

    RBI has asked all the nationalised banks to withdraw teaser lonas on 26th april 2011 , however I took my loan on 16th march 2011 . SBI has said that the withdrwal of teaser loans come effective only from 1st mAy 2011 and the old customers can still avail the benifit of fixed interest rate for first 3 years . you can easily find those press release documents on the internet with a little search about the topic . I found this on ” Business Standard ” website.

    If you can provide the same details to your respective branch manager and take it to RACPC AGM ( S.C . Rahimuddin) , you can solve your issue , provided you should have taken loan before the announcement 26th April 2011 . All the best for you .

    Thanks
    Sreekanth

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