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Complaint Details
Pending

HDFC Limited

Posted byManoj Gupta 
Organization / Product Details
Organization Name
HDFC Limited
Organization e-Mailshivkumari@hdfc.com 
Product/Service Description
Warranty Status
Complaint Details
Reason for ComplaintPrice 
Complaint Rating1(in a scale of 1 to 10)
Name of the Company EmployeeShiv Kumar 
Complaint Details

I had taken this housing loan from HDFC Limited in June 2007. The loan was floating rate loan at Banks PLR (14%) minus 3%. So, it was 11% at the time loan was taken. Recently I read in the news that HDFC has cut the rates on floating housing loans by 0.50%. I contacted the manager of HDFC Ahmedabad Branch, where I have this loan. What the Manager told me totally shocked me. He said the PLR has not been reduced, but for all the new loans taken after 23/9/2007, HDFC is now charging Banks PLR minus 3.50%. So, keeping the PLR same, while reducing the spread. This is total eye-wash and an attempt not to pass on the rate cut to existing floating rate loanholders. There should be no difference in the default risk of new and existing customers, so the spread (3%) below PLR should be same for all. It is the PLR which should be cut. 

Solution of your complaintReduce my floating housing loan rate by 0.50%. 
ActionSue HDFC for unethical Consumer Practices. 
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