Location/place: Hosur
Name of company/service: Indus Ind bank
I had availed housing loan under agreement TKK00093M from Indus Ind bank for a sum of Rs 17.5 lakhs in the year 2008 at an interest rate of 10.5% flexible for a tenor of 10 years..Since then I have been regularly paying my EMI without fail. Within six months of EMI debit on housing loan, the interest rates were hiked to 11.75% and since then the ROI has increased steadily every 6 months without any communication whatsoever to the current ROI of 15.5% (as on Feb 2013) when the market rate is only between 9.5% to 10.75% elsewhere
Even though the RBI had reduced base rates more than couples of times between 2008 till now (2013), I understand that the revised low interest rates has never taken effect in my loan except once in the year 2009. However on the contrary my ROI has steadily increased every 4-6 months upto the current rate of 15.5% which has been into effect from Nov 2011 till now without any notification and reason for revision. I strongly feel that the ROI of 15.5% from Nov 2011 till now Feb 2013 is very much inflated, disproportionate and well above the market interest rate.
In this regard I seek immediate intervention to reset my interest rate to a commensurable/reasonable one in the light of the lowered interest base rates announced by the RBI
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