Home loan - My lender sold my home loan to another bank
8 months ago
My lender sold my home loan to another bank. Now that bank is charging me an higher interest rate making me pay a higher amount than what was decided with old lender. I am paying my loan with great difficulty now the new lender is pushing me to pay more and for a longer period of time. What to do
A.Dear Client,
It appears from the query that your existing home loan is ported to another bank on your request. Portability is a home loan feature that allows you to keep your home loan when selling by changing the property securing the mortgage from your current property to a new one. The advantage of a loan balance transfer facility is that it comes at a lower rate of interest, which lowers the interest burden with reduced EMIs. But on porting the home loan balance to another Bank if you are facing repayment of the loan at a higher rate of interest than the earlier lender Bank, then you may submit a grievance before the Bank where your loan account was transferred asking the reason behind the charging of higher rate of interest on the balance amount of loan. If the response to your query appears to be arbitrary or discriminatory, or if do not receive any suitable response to your query, then you need to file a complaint online to the RBI against arbitrary and discriminatory action of the concerned Bank adopted for the recovery of balance loan at a higher rate of interest on porting of the loan from another bank. Apart, you can file a civil suit praying for an injunction against the Bank. You can also register complaints under the Integrated Ombudsman Scheme of RBI when you have already registered your complaint to the concerned Bank or NBFC and it has been rejected by them or doesn’t get any answer within 30 days. You have to visit https://cms.rbi.org.in website to register an online complaint for any matter related to banks. you can also make a complaint through mail to the Centralized Receipt and Processing Center notified by RBI. For this, you have to send your complaint by email to: [email protected] for redressal of your grievance.
It appears from the query that your existing home loan is ported to another bank on your request. Portability is a home loan feature that allows you to keep your home loan when selling by changing the property securing the mortgage from your current property to a new one. The advantage of a loan balance transfer facility is that it comes at a lower rate of interest, which lowers the interest burden with reduced EMIs. But on porting the home loan balance to another Bank if you are facing repayment of the loan at a higher rate of interest than the earlier lender Bank, then you may submit a grievance before the Bank where your loan account was transferred asking the reason behind the charging of higher rate of interest on the balance amount of loan. If the response to your query appears to be arbitrary or discriminatory, or if do not receive any suitable response to your query, then you need to file a complaint online to the RBI against arbitrary and discriminatory action of the concerned Bank adopted for the recovery of balance loan at a higher rate of interest on porting of the loan from another bank. Apart, you can file a civil suit praying for an injunction against the Bank. You can also register complaints under the Integrated Ombudsman Scheme of RBI when you have already registered your complaint to the concerned Bank or NBFC and it has been rejected by them or doesn’t get any answer within 30 days. You have to visit https://cms.rbi.org.in website to register an online complaint for any matter related to banks. you can also make a complaint through mail to the Centralized Receipt and Processing Center notified by RBI. For this, you have to send your complaint by email to: [email protected] for redressal of your grievance.
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A.Dear client,
You can approach your existing lender and get your loan refinanced or repriced at new lower rate. Lender will charge a nominal fee for this change.
You can approach your existing lender and get your loan refinanced or repriced at new lower rate. Lender will charge a nominal fee for this change.
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