Sir, at the time of sanction I was told that Indiabulls rate of interest will remain equal to other banks giving me an impression that Indiabulls is governed by RBI guidelines. Had Indiabulls followed RBI guidelines they could not charge me ROI@12.15% against existing rate of 6.5% to 6.7%. They wrote me that they are not governed by RBI but by their own IMLR. I was kept in dark. On the first page of sanction letter only FRR (Floating Rate of Interest) was mentioned. Had I been told that they are not governed by RBI guidelines I would not have javascript:;transferred my loan form Axis bank to them. more  

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I had loan from Axis Bank & the EMI was more than 63000/- To bring it down to Rs.50000 was looking for an alternative & Indiabulls offered loan at the same rate with increase of time period from 13 to 15 years & we were ok with that. Indiabulls Rep assured that Rate of Int would always remain at par with other banks as its very competitive market & nobody can afford to charge more. I am 75 & the Rep also emotionally black mailed by saying that you are the age of my father & will never misguide you & in good faith signed all the papers. The Sanctioned Letter had only FRR word which he explained that it means Floating Rate of Interest & handedover all other papers after getting our signatures & in good faith we kept all the papers. But from 8.65% from May, 2018 onwards they kept increasing the rate of interest by by Feb, 2019 it touched 12.15% that too without informing us. When contacted them we were told that we are governed by our own IMLR (Indiabulls Marginal Lending rate) then we studied all the papers & found that on the last pager of last conditions they did mention about IMLR. The present rate of interest of Home Loan is 6.5% to 6.7% & I am paying 12.15%. Is it not financial terrorism? We are at their mercy, they have tied our hands, we can't do anything because they have our signatures on the Agreement. They ask us to transfer the loan knowing that the banks entertain transfer of loan only on ready to move property & our property is not even close to completion. One side builder is killing us & on the other side Indiabulls, a Bull that haunts us all the time. Because of Crona could not move but has been communicating with them but they always talk about the terms of agreement. Govt has made departments for filing complaints but these too are eyewash. I filed complaint with National Housing Bank, they rejected. I filed appeal & its lying pending for three months & I am sure, nothing is going to happen. The best alternative is to file case with NCDRC but the limit of value is 10 crores. Until 10-15 people join hands & file joint case nothing is going to happen. Filing case with Distt consumer or State consumer court is not going to serve any purpose. Friends mark in you mind, never go for any financial company for home loan only those banks which are governed by RBI norms. Companies like Indiabulls come under NBFC (Non Banking Financial Institutions). These are sharks & its very difficult to come out of their clutches. Had I known the facts I would never have transferred my case from Axis Bank to Indiabulls. My Axis Bank loan was going to be over by 2026 & Indiabulls loan as per their statement is ending in 2038. I have no idea I be alive till then. Thanks SS Kumar Noida M: 9654048490
Always don't go for Housing finance limited for any loan their interest rate more than than the National/Pvt Banks. Better switch over to another bank, but check your loan agreement, is there any per-closure charges, if so negotiate with them not to charge. more  
Mr. Prasad,
Unfortunately RBI doesn't teach this to common public. RBI gives advertisement updating about other issues but nobody tells difference between taking loan from NBFC and taking loan from bank. NBFC agents convince the clients claiming no difference but only after the agreement is signed they started showing their actual colors. The present rate of interest is 6.5% to 6.75% & Indiabulls is charging me @12.15%, they are proving that they are Financial Terrorists. more  
Alternatively you may switch your loan to any other public sector bank. more  
Mr. Rao, we can't switch. Now a days banks accept transfer of case if the property is ready for possession. Ours' is not. We are facing problem from both sides. Indiabulls knows that no bank will entertain us, they are taking advantage of the situation & they too are asking us to transfer the loan. more  
Please check the loan agreement if the rate of interest is floating or fixed. If it is floating, you write a letter to Indiabulls to reduce the interest. If no reply received within 15 days, you can approach Consumer Court. The present H/L interest rate should not be more than 7%. Indiabulls (Indian Bulls) need to be tamed to fall in line with the Indian rules & regulations. more  
The sanction letter read FRR floating rate of interest & Indiabulls representative convinced me by saying that ROI will in future also remain at par with other banks, believing him we signed all the papers. Only when IndiaBulls took ROI from 8.65% to 12.15% within gap of 8 months that too without even informing us, we checked the papers & found that on the last page they did mention about IMLR (India Bulls Marginal Lending Rate) & when I asked Indiabulls changed colors & told me that they are not governed by RBI guidelines, they have their own system & policy, so can increase the rate of interest at their will. more  
All the financial institutions are fraud for which the official of RBI are party to it the get there cut in the liit more  
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