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Citibank

Posted byPurushotham 
Organization / Product Details
Organization Name
Citibank
Organization e-Mails.purushotham@geind.ge.com 
Product/Service DescriptionCitiBank Home loan
Warranty StatusDo not know.
Complaint Details
Reason for ComplaintCustomer Service 
Complaint Rating7(in a scale of 1 to 10)
Name of the Company Employeecitibank 
Complaint Details

I have homeloan with Citibank . I took 13lakhs in march 2004 for 20 yrs at the rate of 7.25% floating. EMI was Rs 10339

11th Nov, i got a call from citibank guys about rate of interest rise to 8.5% but they said as i am previlaiged customer to them & also as i am WIPRO GE employee, they offered me 7.5%.
So there was 0.25% increase in my total outstanding of 12.56Lakhs proicipal amount.

As i know that there is a option of paying 0.25% for pricipal outstanding in advance i can keep the EMI as well as total tensure fixed, i asked him about this option. He said he will check with his manager & come back.

They never came back and started taking EMI of Rs 11337 form 1st Jan-2006. from my citibank salary account without my approval for ECS.

I had given ECS for only Rs 10339 / month.

Almost Rs 1000 per month theyt are charging me more. when i called up home loan division and asked one employee named Kavitha, she gave big explanation which i could not understnd anything out of it.

My question to her was what is the current rate of interest on my loan. She said 7.5%. Then as per that i should pay only 10,600 approximatly .

When i again asked her why did they deduct Rs 1000 more she tells it is at 8.5%.

How can they increase EMI just like that. they said they have sent many letter to me. i didnot receive any letters. I once again sent my address status to citibank & asked them to send all details again for which they are not agreeing.

Now i am loosing money. what should i do.

if i have to come out of thi bank , i have to pay again 2% pre closure charges and processing fee for another bank.

PLease suggest. 

Solution of your complaintdue to PLR rate increase i also know that i need to pay 0.25% more rate of interest. I am ready to pay that 0.25% of total outstanding by keeping EMI & tenure fixed. I read about this option from Times of India Properties & real estate additonal sheet some time about 2 months back. 
ActionI will communicate this information to HR of my organisation to not ot entertain such banks. I will also communicate to all employees & friends. I have written to them to come back. if they dont come back in 1 week, I will go to consumer court. 
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