Recent Banking Credit, Transfer, Loan and Mutual Funds Questions

asked Jan 21, 2016 in Others by Nupoor


When i have took this housing loan i have been asked to sign an document which says i will be getting an intreset rate of Base rate + 1 charges. This looks really an hight intrest even comparing private banks. for example now your bank, another bank charges only 9.45% while my bank charges me 10.50%. Also no response from bank if Im trying to change this option. Private bank atleast allow you to change these things when you really become aware of this. Please do ever go with this option and I think my bank not an best bank to relay with . they charges more intrest thought they say as nationized bank.

1 Answer

answered Jan 21, 2016 by Raja

Dear Nupoor

At the outset, let me clarify that this site is designed and managed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

If you feel that the bank is charging higher interest rate on your home loan than what was agree upon, you may take up the matter with Bank's management for redressal. Your grievance can be taken up as per the process stated here under.

1.    Go to your Bank’s website and search for grievance redressal (or similar name) button and submit your complaint online.

2.    If you do not receive any reply / satisfactory reply within 10 days, lodge your complaint with the Nodal officer of the Bank (either through email or letter)

3.    If you do not receive any reply / satisfactory reply within 10 days from the Nodal officer, lodge your complaint with the Principal Nodal officer of the Bank (either through email or letter)

4.     If you are still not satisfied with the reply / do not receive reply from the Principal Nodal officer within 10 days, lodge your complaint with the Banking Ombudsman (either through letter or email). For address of the Office of the Banking Ombudsman, Area of Operation (jurisdiction) and the procedure for lodging complaint, you may access the website https://bankingombudsman.rbi.org.in/.

RAJA