Complaint Details

Status	:	Closed
Complaint No	:	0001886/2012
Category	:	Others
Date	:	08-02-2012
Subject Line	:	Complaint against HDFC Ltd. for Hiding of Schemes
Complainant	:	VISHWARAJ
Address	:	245/F, MAYUR VIHAR -1
Complainee	:	HDFC LTD
Address	:

Complaint Details
Hi

I am existing customer of HDFC Ltd. having availed a home loan of 20 Lacs (Loan Account No. 581574805) in Dec’2006 @ 9% variable rate during the years the RPLR rates kept on increasing and currently I am paying an interest @ 13.25%.

On 25th Jan 2012 while I was checking my Loan account at HDFC ltd’s site i found a new feature in the site “Conversion Enquiry Module”. As per this feature I have an option to increase the spread to 6% thus I can reduce my interest rate to 10.50% from the current 13.25%.

On 27th Jan 12 I went to the HDFC Ltd. Branch at Vaishali Ghaziabad to enquire about this option and to my surprise I was told that this feature is available to the existing customers from a very long time they have just put this on the site recently i.e., on 18th Jan’12, when I complained about why this was not informed to me before to which they replied they are not supposed to inform/educate the customers regarding this scheme they tell it to only those customers who specifically ask for this scheme of conversion. I have been asking the executives whenever I visited the branch at Noida to deposit my post dated cheques in Noida Branch, regarding any scheme thru which I can reduce the interest rates but I was never informed about this scheme.

Now, when I knew about this scheme i went to the HDFC branch in Noida on 28th Jan’12 to get the conversion done, I met Mr. Gurpreet & Deepankar and also complained why they never told me about this scheme before when I came to deposit the post dated cheques or while making a prepayment of 3 lacs on 7th Nov’11 to which they also have the same reply that we don’t recall now what was communicated to you earlier and maybe we would have missed communicating the same.

I don’t understand that an executive sitting in the front desk whose main responsibility is to handle customer queries and provide solutions is not bothered about customer satisfaction instead he is making excuses for not passing on the benefit of a scheme to the customer it seems like they are knowingly not informing the customer thereby making them pay more interest. If that is so than what is the use of your Fair practices code if you are not going to follow the same.

Being a Salaried person a single penny is very precious to me but you have charged excess interest for more than a year now which I could have saved if I knew about this scheme before.

I want the revised rate to be made effective from the period this scheme was launched, and also get the excess amount paid by me as interest adjusted against my outstanding.

Regards
Vishwaraj

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