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LICHFL not acting responsible towards consumers

Complain ID : CCN018017   59  

Loans Complaints Complaint Date: May 5, 2016
I availed a home loan for 30 Lakhs from LICHFL for a duration of 15 years at the rate of 10.25% fixed interest for first 2 years. Loan account number 710100003946. Sanctioned date 24th Dec 2012.
At the end of second year i.e in Nov, 2014 I reached out to their office in Hyderabad, Ameerpet through a email and inquired about the change in ROT. After several follow ups I got a confirmation that there is no change in ROT. Since I relocated to Hyderabad from Pune during that time, I assumed the communication was missed out. I did request them to update my postal address, mobile number in their records and I got a confirmation that these are updated.
So in the third year, i.e 2015 I expected LICHFL to communicate the change in ROT and its impact to my loan and interest rate. I never got a single email or a letter by post or courier with this information. I chased them for details over email and got that the ROT is now increased to 11.7%. There is no information on its impact to my repayment schedule. I managed to find time to pay a visit to their office(in Madhapur Krish saphire building, Hyderabad) only in the month of April 2016. I spoke to the CCE, branch manager about the concern of 'no intimation'and did not get a satisfactory response. Their reaction felt as if this is an obvious matter and I am ignorant to expect a proper communication. I am also given a suggestion to write to the email ids mentioned in their website, so that my suggestion to inform customers over email can be considered in future.Every person I met in that office that day were there to pay an amount of 1000+ to request LIC to reduce the ROT from 11.7 to 10.7(or similar, but not definitely at the new loan rate). And they were not informed of the changes or impact to their loan repayment because of this increase.
I think we deserve a better treatment. Probably this is the same case with every other home loan provider in India and the expectation is to accept this kind of irresponsibility towards customers. This has to change. I regret living in this system where people show apathy towards their own duties and responsibilities. They are being paid their salaries from the repayment amounts and interests. They should learn to respect people's money.

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