I have taken Home loan from LIC, which was fixed for 2 years with ROI 10.25, after Fixed term completed they raised the ROI to 11.75 with out informing me. When I asked the LIC manager they replied as follows.
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Dear Sir/Madam,
This is the present Floating rate of Interest.
We are having rewriting scheme. The scheme is with effect from 22.04.2015 onwards. The particulars are as under:
Processing fee is 0.50% of loan outstanding as on date of request for rewriting plus taxes subject to maximum of Rs. 15000/- Plus taxes. The rate of interest will be 10.50% floating.
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Where other bank is giving ROI below 10, LIC is saying rewrite the loan and make it 10.5, and at any point of time they will again increse it to more than 12.
I would like to suggest to all of my friends who wants to take home loan, dont ever go with LIC. They attract people with their simple loan process procudre, minimal verification for IT/Pvt. Sectior people having handsome salary and later they trap you and suck blood .
Please beware.
Please beware.