Location/place: Bangalore
Name of company/service: Home loan interest rates
Dear All,
RBI has reduced the CRR and PLR and we still do not see that the banks have not reduced the interest rates on housing loans. If the CRR or PLR is incresed, banks increase the rate as soon as the announcement is made. My question is:
1. Why is RBI not monitoring this
2. Why are banks not reducing the rates. They say costs have gone up, but are customers liable to pay their costs? They should look at being efficient rather than fleecing customers
3. How come teaser rates are allowed for new consumers and old customers are made to suffer?
4. Why is the EMI amount different with each bank, though the interest rates are same. How can each one calculate differently?
5. Why is that high interest are collected during the first few years and has little impact on principal. Should that not be rationalised and atleast should be equal and then interest starts reducing.
Is there a forum where we can escalte this issue.
I am sure am not the only one affected by this, but there can be plenty of us.
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