Dear Concerned

I would like to raise the following complaint against Axis Bank where I have a loan account.

I had applied for a home loan with Axis Bank in March 2010. After humongous amount of follow-up and running around from pillar to post, so that my home loan gets sanctioned by 31 Mar 2010, I was granted sanction letter on 30 Mar 2010 (loan a/c no. PHR008200232897).

I was very clearly told at the time by the officers/ agents that it is a home loan with 8.5% rate of interest (ROI) fixed for 2 years and thereafter it will be floating ROI. I have now come to know that all that was a farce and I was fraudulently sanctioned"pure floating ROI" home loan. This is blatant fraud with customers like me who trusted on Axis Bank officers.

It is a common sense that anyone would go for a more beneficial plan --- loan with "8.5% fixed ROI for 2 years & then floating ROI", rather than"pure floating ROI"; when the earlier scheme was very much prevalent at the time (it was running till 31 Mar 2010 where as my loan wa sanctioned on 30 Mar 2010).

Further, I received a letter dated 20 Jan 2011 from Axis Bank, which stated that bank's floating ROI will be revised from 8.5% to 9% with effect from 1 Jan 2011. But the letter also stated that "The above letter is not applicable for accounts/ customers, which are in Pre-EMI mode that is accounts, which are partly disbursed". Later I received letter stating bank's floating ROI will be revised to 10.25%, but the letter also stated that "The above letter is not applicable for accounts/ customers, which are in Pre-EMI mode that is accounts, which are partly disbursed".

My account is in pre-EMI mode since its only partly disbursed (only Rs. 23,75,000 has been disbursed as against sanctioned loan amount of Rs. 25,00,000). Hence by this logic also, only 8.5% ROI applies to my case.


I would like my ROI to be immediately amenedto "8.5% fixed rate of interest for 2 years from date of sancation", and there by floating rate of interest. Also,the excess interest charged for the months where the ROI has been greater 8.5%, should be refunded to me.

I request you to take this as a consumer complaint against Axis Bank.

I had written to the Banking Ombudsman, Axis Bank on 28 April 2011 and 29 April 2011. I again followed up on 5 May 2011, 11 May 2011 and 18 May 2011. Besides that I tried to call the concerned officer in Axis Bank RAC Chennai, several times. But there has been no response or revert to my complaint.


Request the help of this forum, in getting a redressal in the matter,

Thanking You.

Sincerely,

Abhishek Misra
abhi2shek@rediffmail.com