SCB(Standard Chartered Bank) is misleading the home saver customtakeouter with this HOME SAVER product where in customtakeouter is paying higher interest than regular home loan product and also no current interest rate is being paid on excess deposit above EMI, which other banks generally pay on current account @ 3.5-4%. Also interest saved amount is being taken back even after principal outstanding becomes ZERO.
*Pls go through my Complaint statement below:*
-
I’d taken Home Saver loan in 2006. At the time of taking loan I was provided mis-leading information that I should deposit all my excess amount above the EMI amount, which will effectively reduce the principal outstanding and help reduce the interest cost and home loan tenure.
So I made the home saver account as my SALARY account with the hope that the excess deposit above EMI will reduce the principal balance on a daily basis and i’ll pay less interest on the loan. So even though the home saver interest rate is actually 0.5-1% higher than the normal loan rate from the same bank, I opted for the home saver option thinking that i’ll save interest.
So when on 18-Jan-2011, the net principal outstanding became ZERO, bank started debiting the EMI from the "Available Balance", which had interest saved amount included over the past 5 years period.
So from Feb-2011 till May-2011 the entire "Interest Saved" amount of Rs.141451 was wiped out. When I confronted with the bank that the principal outstanding was ZERO on Jan-2011 then my loan should have been closed and I should have been returned the entire "Available Balance", they are now telling the "Interest Saved" portion is not my money and it is only reference calculation because of excess deposit by me and this amount will not be returned.
Bank never told that that the interest saved amount will be taken back even after principal outstanding becomes ZERO. Had I known this, I would have parked my excess DEPOSIT in other savings or current account, which would have earned 3.5-4% in normal current account.
STANDARD CHARTERED BANK has cheated me because:
1) I paid higher interest in home saver loan, which is 0.5 to 1% higher than any conventional home loan rate.
2) I did not earn any current account interest on my excess deposit above EMI amount, which is say 3.5 - 4% in SBI.
3) Bank has taken back the entire interest saved amount even after the principal outstanding became ZERO on 18-Jan-2011.
4) Finally I paid the interest cost of plain vanilla home loan. The bank is misleading the customtakeouters with this home saver product.
-
Even after repeated emails and written complaints to the bank, it has not returned my excess amount debited. Now I have no option but to file a consumer court case in bangalore