Thread: Home loan with India Bulls

Sir,

I have taken a Home loan from India bulls in Nov 2006 for 18,00,000/-. However at the time of me getting the loan sanctioned the interest rates informed me was 14.25%, but by the time loan was disbursed the interest rate increased to 14.75% and the EMI's started from the month of Jan 2007. within couple of months the interest rates gone up to 15.25% from Mar 07, and to 16.25% from April 07, and again to 17.25% from June 2007. They again increased to 17.85% in Aug 2008 and to 19.35% from Ocotober 2008.

Sir, in this period of market slowdown I even lost my job in Feb 2009, but I never defaulted their EMI's. Even though I have delayed the emi's for 2 months but I have cleared the EMI's for respective month within end of that particular month. This was deliberately told to me by one of the representative of bank to do for negotiating the interest rate to decrease (atleast at the time of me lost with job). But the interest rate was never reduced by the bank officials added to that they have even charged me with 4000.00/- for 2 months delay in EMI's ( I have paid my delayed emi on 27th of each month instead of 5th of every month in cash mode to the agent).

Sir, when I requested to the officials for pre-closure of the loan account they are claiming that the pre-closure charges at 5.1% + other charges of around .25% additional (which I feel is very very high). However they claim that if I want to pre-close the account with less than 25% of balance amount it will be free, so I have paid an amount of 4,00,000/- in May 2009 for pre-closure of my loan account.

I truely feel that I am completely looted by this bank towards my loan account. Sir till now (I have paid around more than 7.5/- lakhs as EMI's from Jan 2007 to till date, however just a nominal amount of 25k has been reduced from my principal amount (before I made pre-payment).

Sir. kindly help me out in all possible options that I can sue the company for increasing the interest rates after the customer has taken loan that too at the time when the market conditions were pretty good (in initial stages of my loan 2007 and early stages of 2008).

Sir, out of all this increases in interest rates, the first one (interest rate increase to 14.75 from 14.25% and again to 15.25% from 14.75% was not informed to me. And again the last one which was increased to 19.35% was not informed to me).

I have spoked and emailed to the customer care of the bank who claim that they have different PLR's charging to different customers, I dont really understand how can bank charge different interest rates to different customers.

Sir, Kindly help me out with what ever options I have to come out of this vicious cycle. I am ready to clear the loan account (pre-closure) but cant really bear the charges of around 5.35%.

PLEASE HELP ME.

Thanks and Regards,
Buchi Reddy R.