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Prasad Bhavana filed complaint against Lic Housing Finance Ltd on Jun 2, 2020
I have a home loan with LIC HFL taken at interest rate of *.*. So far LIC HFL has not reduced my rate of interest inspire several rate cuts from RBI.
I have not been given loan moratorium. They gave only ** days deadline for loan moratorium where as RBI has set no deadline date for availing loan moratorium. I approached LIC two days before the deadline date requesting them for information on loan moratorium. They gave wrong information for two days and after the deadline date is passed, they have informed that I can not avail the feature. Now, during the financial crisis of the lockdown I am facing challenges paying the loan.
When I pay the EMIs, first the amount is credited towards interest and the remaining balance is credited towards principal amount. When we deposit money with the banks first the interest Is given at the end of year. Loan should also ideally credit towards principal and at the end of the year they should credit the money towards interest.
The loan is a floating interest rate loan. When RBI increases the interest rate, LIC immediately increases the interest rate, however, RBI has been decreasing the interest rates consequently since I took the loan, LIC however has not reduced the interest rate automatically. They have finally rolled out loan rewriting option now. The charges for loan rewriting has been revised from ****Rs/property to Rs.*****+GST of **%. This is extremely high considering the new loan charges are just ****Rs for my property. Even after the loan rewriting the interest rate has been decreased only from *.*% to *.*% where as the current rate of interest for new loans is *.*%.
On all above points I would like to file a public interest litigation. Can you please take up the case.
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