Respectable Authorities,

I have taken a Housing Loan for 700000/- from GE Money in Oct 2006, my Loan Sanction letter shows an interest rate of 9% for 16 years (192 EMIs 7,300 / EMI) which was delivered to me by hand ...! As soon as I received loan amount cheque from GE the interest rate jumped to 10.5 % without bringing to my notice. Till date I have never been communicated for the changes made nor I received a single letter from GE Home Loan on my Temp as well as permanent Address till date nor they did care to send me a single an Email.

Around a year later I received a call from Customer Care asking to submit fresh cheques for change in rate of interest. The cheque collection Guy called me up asking for cheques I confirmed him to collect it after a week though I called him later He didnt turned Up.

Again the interest rates went high to 11.39 without bringing to my notice and this time also I was not communicated over it, I started receiving call from GE for cheques again in last week of Sep 2008, I walked in personaly to GE money, Citipoint Boat Club Road , Pune office to sort out the issue. I did spoke to the RM at the premises on the over all issue and the carelessness shown since I have availed the Housing Loan, I was assured everything will be sorted out and I will get the notification onwards. After the conversation I was asked to submit ECS Enrolment form prior to that I have regularly paid my EMI's through Advance Cheques which I have submitted during the loan processing As the authorities wanted me to enrol for ECS now I did so being a genuine customer and submitted 10 cheques for REPLISHMENT. To my surprise my first ECS was for 8,501 operating at the interest rate of 14.25% ............. I did rechecked with the branch authorities now they sat its done from the chennai head quarters and they are helpless now. How can such a change occur without bringing to customers notice. I see interest rates rates are declined everywhere for RBI have revised their norms on Interest rates.

Please look in to the matter and let me know how would I be benefited through Consumer Court, What are the procedures to be followed and documentation required.

Waiting for a positive feedback.


Iftekar Maniyar