Hi I am Amit, I have taken a home loan from ING Vysya on 2007 at an interest rate of 10% floating. As per them(ING) the rate might change every 3 months depending upon the market condition. The very next month My interest rates has gone up by 2.6% that is 12.6%.
When I tried to enquire they replied telling that the HPLR(Home prime landing rate) has gone up. Now(as of today) as all the banks has reduced there HPLR, ING is not ready to do so, because they know that once the customer has taken the loan they are in trap and it is very tough to go for another loan as there are many pros and cons.
When I took the loan as 10% they informed me that I have to pay an EMI of 19300/- per month and my lone will be closed by 17years and 8 month. But now they are asking me to increase my EMI to 23000/- or else it might continue for 35 years.
When I tried to do a part payment of 1 lakh so thet my principle amount come down, they are not ready to accept that and are giving a reason that the system will not take less then 2.5 lakhs. Whereas while sanctioning the loan they have informed me that I can pay a part payment of 3 times of my EMI(i.e 3*19300) anytime after 6 months of the loan.
Whenever you go to the home loan dept of ING, the Customer Service oficer will behave as if they will solve your problem in no time. And will forget you anur task the very moment you leave there office.
Now it depends Upon you to borrow loan from ING Vysya or Not. As per My Experiance it is always good to get the loan from some Nationalized bank. They might make you run up and down in the begening but you will enjoy there service through out your life.
Whereas it is just opposite in case of Private bank like ING Vysya.
Regards
Amit