Sep 29, 2015 01:16 PM
29390 Views
Loan No – 610100000438
LIC Housing Finance Branch – Borivali(W), Mumbai
Branch Manager – Harshad Jain
Loan Agent(Executive) – Mayur
I am NRI and have existing loan with LICHFL. I have taken loan in Nov 2011 for 15 years which was fixed for 3 years and floating after that. At the moment my interest rate is 10.9% floating for which I have paid spread charges(LICHFL term to reduce your floating rate of interest) otherwise the rate of interest would have been 12 or 12.25%.
In last 2 months several times I have been spoken to LICHFL, Borivali(W)-Mumbai, written complaint on their website and written 3 email reminder to branch manager(Harshad Jain) and Loan executive(Mayur) asking about why the interest rate is not reduced for existing customers but they have never bothered to reply. Verbally they have said to my father who is doing follow up on this that the rate are decided by Head office and they can’t do anything about this. I have 4 questions for LIC Housing Finance,
1) Although the RBI has reduced the repo rate twice this year and LIC is offering new reduced rate for all the new customers(9.9%) why the rates are not reduced for existing customers?
2) If they can communicate this above subject verbally why they can’t communicate this in writing?
3) Why the branch manager(from where my loan have been disbursed) not bothered to reply for my queries?
4) Who is the concerned department or person to log the complaint on the above subject matter?
At the moment I have 2 loans from LICHFL and in general I have very bad experience dealing with their Borivali(W)-Mumbai and Dubai-UAE branch. The employee are rude and don’t have complete product knowledge. They should cross check Loans Terms and Conditions before committing anything to the customers.
Just for the information I would like to add that my second loan was sanctioned in Mar2014 for 10 years instead of 15 years. The reason being mentioned for not getting 15 years term was that I don’t have post-graduation in professional qualification. I am Msc. in Computer Science and if this was the reason then how did I get 15 years loan in November 2011 on the basis of same qualification.
Thanks
Naveen