Home loan takers beware
Beware Home loan takers
If you want to take a home loan everything is stacked against you as there are no norms to govern these companies. The largest segment of retail loans in this country is home loans and it is also seen as a major driver for the economy. As it has an impact on real estate, construction, steel and cement all core industries.
But home loan companies including the biggest ones in the country still take their consumers for a ride.
1. Interest is deducted first from the EMI typically in the ratio of 80:20 for many years. The same never happens with a corporate loan, where interest and principal amount deduction are clearly negotiated. There is not central consumer body willing to negotiate for on the behalf of Indian home loan takers. Plus the RBI which is supposedly the regulator for this segment does not ever want to intervene on behalf of the consumer. Therefore, even over a 10 year period you may still only end up paying 30% of your principal amount but 100 per cent of the interest amount.
2. Every home loan company charges you a processing fees based on percentage of home loan amount. As if the amount of work will go up with every Rupee that is added to the home loan. BTW this fees is negotiable if you are wise enough to squeeze the agent selling the loan to you. If you do not they will charge this fees plus they will add any fees that they have to pay to lawyers to get the property vetted. This is grossly unfair to consumers.
3. Everything in the contract is stacked against the consumer. Even if you are on variable home loan you have to pay a charge if you want to shift to a downward rate. If the interest goes up there is no charge but you rates are automatically shifted up.
I think the time is near when home loan companies should stop skimming and scamming their customers. more
If you want to take a home loan everything is stacked against you as there are no norms to govern these companies. The largest segment of retail loans in this country is home loans and it is also seen as a major driver for the economy. As it has an impact on real estate, construction, steel and cement all core industries.
But home loan companies including the biggest ones in the country still take their consumers for a ride.
1. Interest is deducted first from the EMI typically in the ratio of 80:20 for many years. The same never happens with a corporate loan, where interest and principal amount deduction are clearly negotiated. There is not central consumer body willing to negotiate for on the behalf of Indian home loan takers. Plus the RBI which is supposedly the regulator for this segment does not ever want to intervene on behalf of the consumer. Therefore, even over a 10 year period you may still only end up paying 30% of your principal amount but 100 per cent of the interest amount.
2. Every home loan company charges you a processing fees based on percentage of home loan amount. As if the amount of work will go up with every Rupee that is added to the home loan. BTW this fees is negotiable if you are wise enough to squeeze the agent selling the loan to you. If you do not they will charge this fees plus they will add any fees that they have to pay to lawyers to get the property vetted. This is grossly unfair to consumers.
3. Everything in the contract is stacked against the consumer. Even if you are on variable home loan you have to pay a charge if you want to shift to a downward rate. If the interest goes up there is no charge but you rates are automatically shifted up.
I think the time is near when home loan companies should stop skimming and scamming their customers. more
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Oct 31
In the month of March my friend applied for loan from LIC HFL. He could submit last legal document on say 20th April. He was given loan cheque dtd 31st march on 23rd April. Imagine his EMI started wef 1st April, even though he got cheque on 23rd April. Representative shamelessly says this is to show good business in March and also for getting rewards and prizes of March. This is blatant cheating. I dont know if other loan providers have same practice. more
Jul 10
There need to be clear guidelines by RBI, the supervisory body both for banks and NBFCs on EMI, Processing fees, Committment charges, resetting of interest rate proactively by the institutions instead of waiting for the borrower to approach and pay reset charges etc. There should never be a processing charge as the Banks are soliciting/marketing for lending and as they get interest income. If at all it should not be advolerem but fixed. more
Jul 09
Home Loan is nothing but head ache for a common man, consumer shall be be able to protest and high time to refer to consumer courts were such huge penalties were demanded by banks for switching from higher interest rates to lower rates. Even while sanctioning home loan , different banks / finance provider have different fees to process loans. This is ridiculous , hence RBI has to exercise their controls for the benefit of common man. more
Jul 08
