Reducing Interest rates for existing floating rate home loan borrowers
Sign Now
To the Reserve Bank of India, Finance Ministry and Prime Ministers Office:
Dear Sir,
This is with respect to the recent reductions in Interest Rates by various banks. I am an existing home loan borrower from ICICI Bank and my interest rate was increased from 9\% in December 2006 to 11.5\% in March 2007. However, an ICICI Bank executive told me that the interest rates have been reduced for new loans and current loan rates are at around 10.5\%. I think this is grossly unfair since I have taken a floating rate housing loan and any reduction in Interest rates should take effect for all floating rate home loan customers. Banks are trying to say this is a festive loan offer etc and thus this rate is not applicable to existing customers. Also in case I want to pre-pay the existing loan and shift to a new bank which offers loans at lesser rates, I have to pay a pre-payment penalty of 2.25\%. This is again unfair since if interest rates are not reduced for me, I should atleast benefit from any lower interest rates in the market and be allowed to shift free of cost. I hope the Reserve Bank of India, the Finance Ministry and the Prime Minister's office will take necessary action - either ensure interest rates are truly floating and any reduction is given effect to or pre-payment penalties are waived off when banks do not reduce interest rates for floating rate customers so that customers can switch loans to another bank. Request you to do the needful as soon as possible.
Thanks and Regards
Madhusudan Rajagopalan.
Dear Sir,
This is with respect to the recent reductions in Interest Rates by various banks. I am an existing home loan borrower from ICICI Bank and my interest rate was increased from 9\% in December 2006 to 11.5\% in March 2007. However, an ICICI Bank executive told me that the interest rates have been reduced for new loans and current loan rates are at around 10.5\%. I think this is grossly unfair since I have taken a floating rate housing loan and any reduction in Interest rates should take effect for all floating rate home loan customers. Banks are trying to say this is a festive loan offer etc and thus this rate is not applicable to existing customers. Also in case I want to pre-pay the existing loan and shift to a new bank which offers loans at lesser rates, I have to pay a pre-payment penalty of 2.25\%. This is again unfair since if interest rates are not reduced for me, I should atleast benefit from any lower interest rates in the market and be allowed to shift free of cost. I hope the Reserve Bank of India, the Finance Ministry and the Prime Minister's office will take necessary action - either ensure interest rates are truly floating and any reduction is given effect to or pre-payment penalties are waived off when banks do not reduce interest rates for floating rate customers so that customers can switch loans to another bank. Request you to do the needful as soon as possible.
Thanks and Regards
Madhusudan Rajagopalan.
Sign The Petition
Continue with Google
OR
If you already have an account please sign in, otherwise register an account for free then sign the petition filling the fields below.
Email and password will be your account data, you will be able to sign other petitions after logging in.
Shoutbox
Goal
100 signatures
Goal: 100
Latest Signatures
23 December 2015
30 November 2015
19 November 2015
18 July 2015
17 July 2015
24 April 2015
8 April 2015
23 March 2015
93.
Shantanu Mclean
|
All the banks raise interest rate for all customers when the rate is increased but the same is not done for all customers when the rate is reduced. WHY?
13 March 2015
19 February 2015
15 February 2015
5 November 2014
89.
Radhakrishna Diaz
|
It will be fair to keep same interest rate for existing customers and new customres. otherwise I don't have option to move to other bank for one time preclosure charges.
31 October 2014
12 October 2014
8 September 2014
6 August 2014
85.
Praveen K
|
I am an ICICI home loan customer too. I totally agree with the original petitioner's arguments
3 July 2014
27 May 2014
12 April 2014
8 January 2014
17 December 2013
13 December 2013
10 November 2013
8 August 2013
4 July 2013
Tags
No tags
Embed Codes
direct link
link for html
link for forum without title
link for forum with title
