Dont go for GIC, they are not transparent at all. Me and my brother have taken a joint home loan from them in August 2010 at 7.95% which was said to be fixed for 1 year then 8.45% for second year and 8.95% for third. Floating after 3 years. We were paying EMI's regularly. Then they demanded cheques for 2nd year which we submitted before time. To our surprise when we asked for provisonal certificate intrest rates was mentioned as 8.95% instead of 8.45% from 2011. When we enquired they said after your loan was sanctioned and before disbursement the previous scheme was canceled and you were enrolled to Summer Feast KLI (Kotak Life Insuqance) scheme. They havent communicated this to us and nowhere on the disbursement letter was the rates for 2nd and 3rd year was mentioned. We spoke to their Manager Radhika at Mumbai, Fort branch and she was very rude. Despite of her subordinates accepting the fact that we were not informed about this new scheme, they did not changed our scheme. After that they kept on increasing their rates and now they are charging 12.5% intrest rates almost similar to few personal loans. And now when intrest rates are going down they are not ready to lower it, not even at a cost of conversion fee. Now since we are at floating rates we expect that rates will come down this quarter but no sign of reversal. Whenever we call to ask if we can switch to new rates or has the rates came down, they reply that RBI will decide. But upto my knowledge they are governf by NHB and not RBI. In the name of RBI these people are cheathng all of their borrowers. My advice is to go for any nationalized bank instead of these frauds.
Thanks for the link. I had also posted this on some other complaint forum. Also have reported to Pehredar@moneycontrol.com but no response yet. This seems to be useful. Will file a complaint soon and will update the response.
Had filed a complaint and the site says 'Shall be resolved in 3 months. If not, you can readdress your complaint again'. My question is 'Does it works?' Because this statement only states that there is a fair possibility that my complaint will not be addressed at all, just like other websites.