I took a home loan in the last quarter of 2004 from IDBI bank.
>>> When I applied, I was promised the floating interest rate of 7.25%. It took almost 1 month for them to sanction the loan, that too was done at a floating rate of 7.5%. The interest rate is FLOATING in true sense of the word right from the applying for loan to the sanctioning included!!!
>>> As per the clause of agreement with the bank, the rate will be analysed every quarter of the year and can be revised twice a year.
The bank has invariably increased the interest rates at every possible opportunity since then.
This is not the case with my loan alone. All the other people - friends, colleagues I know have been going through the same torture.
All this despite the fact that their fresh loans are still being sanctioned at the rate of 7.25% (as advertised in the newspapers by the bank) and at 7.5% as taken by some of my friends recently.
This phenomena is inexplicable on the bank’s part. This shows that we are being cheated by the bank.
If you have similar experiences, please get in touch with me. As mentioned above, me and my friends and colleagues are already planning to raise the issue with the bank. We are looking forward to more voices against this cheating.