If you have taken a Rs 10 lakh home loan your EMI will increase by Rs 510 for a term outstanding of 20 years. This steep rise has come in the wake of the strong message sent out by the Reserve bank of India governor, Mr Y.V. Reddy that money should not be leant cheap.
The country’s two biggest home loan lenders HDFC and ICICI Bank announced a steep hike in interest rates on loans on Thursday.
HDFC has revised its floating interest rates on home loans for both existing and new customers by 0.75 per cent with effect from August 1, 2008, while ICICI Bank has increased its interest rates for various tenors of retail fixed deposits by 0.75 per cent to one per cent. It also increased its floating reference rate for consumer loans (including home loans from 13.50 per cent to 14.15 per cent. This follows the hike in the CRR and repo rate announced in the credit policy on Tuesday.
HDFC bank said "This is in line with the rates of interest in the economy, which have hardened due to the rising inflation and shrinking liquidity in the domestic market."
HDFC bank has increased its retail prime lending rate (RPLR) on which its adjustable rate home loans (ARHL) are benchmarked, by 0.75 per cent. It will affect existing borrowers whose loans come up for re-pricing on or after August 1, 2008. The bank said it follows a three month reset cycle for its floating rate.
Thursday, July 31, 2008
Tuesday, July 15, 2008
Consumer Forum directed HDFC bank to pay 7,000
District Consumer Disputes Redressal Forum, Fatehgarh Sahib has directed Mandi Gobindgarh branch of HDFC Bank to make payment of Rs 7,000 to Balaji Enterprises, Sirhind for mental agony and harassment and Rs 500 as cost of the complaint.
It was alleged that the firm through its proprietor Sham Lal Gupta that he has current account with the bank and an agent of the bank came to him and assured him that he will to provided with CC limit of Rs 10 lakh so he completed all the formalities and the bank had got a cheque of Rs 2245 dt April 17, 2007 as processing fee from the complainant and the amount was duly transferred to the bank account. He alleged that even after one month the bank had not issued the credit limit to him despite that fact that he had completed all the formalities.
The notice was sent to bank but none has appeared on behalf of the bank so the bank was proceeded against ex-party.
While accepting the complaint, the Forum president also directed the bank though its Branch Manger to process the case of the complainant and pass final order for providing facility of cash credit limit of Rs 10 lakh within 15 days from the receipt of the copy of order. The Forum also observed that in case the complainant is not satisfied with the final order passed by the bank, he is permitted to challenge the same by filing a separate complaint.
It was alleged that the firm through its proprietor Sham Lal Gupta that he has current account with the bank and an agent of the bank came to him and assured him that he will to provided with CC limit of Rs 10 lakh so he completed all the formalities and the bank had got a cheque of Rs 2245 dt April 17, 2007 as processing fee from the complainant and the amount was duly transferred to the bank account. He alleged that even after one month the bank had not issued the credit limit to him despite that fact that he had completed all the formalities.
The notice was sent to bank but none has appeared on behalf of the bank so the bank was proceeded against ex-party.
While accepting the complaint, the Forum president also directed the bank though its Branch Manger to process the case of the complainant and pass final order for providing facility of cash credit limit of Rs 10 lakh within 15 days from the receipt of the copy of order. The Forum also observed that in case the complainant is not satisfied with the final order passed by the bank, he is permitted to challenge the same by filing a separate complaint.
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