This is a discussion on Home Loan Multiple HPLRs within the Home Loan forums, part of the Loan category; Hi, I have taken a lon from INGVYSYA bank. The bank has HPLR & HPLR1. Following is the details about ...
I have taken a lon from INGVYSYA bank. The bank has HPLR & HPLR1. Following is the details about the HPLRs that I have recieved from the bank.
"We would like to clarify that your account is under HPLR1 and base rate is 16.25% and considering your margins ( -5.25 same has been mentioned in the sanction letter ) your ROI is 11%. and other is HPLR where base rate is 16.5%. ( we request you to refer the sanction letter where the details of the HPLR and margins are specified )"
But, on asking how can the bank have 2 PLRs (HPLR1 & HPLR), I have not received the following reply.
"The spread may differ from borrower to borrower or product to product depending on Loan to Value, repayment period and client profile. After sanction, spread continue to remain the same in case of floating interest and HPLR may get vary as mentioned earlier."
But I didn't find the asnwer satisfactory as my question is not related to spread. So I further asked the following question
"You can have different spread but not different PLRs, but you have HPLR1 & HPLR? Please explain."
But till now I don't have a response on this query, inspite of repeated reminders.
Please suggest what should I do?