I took home loan from SBI in March 2009 @ 8% for 1 st year, after that 9.5% for 2nd & 3rd year,But after one year (in 2010) rate of interest incresed to 13.5 % I submitted my application to reduce the rate of interest in June 2010, but bank employees told me it happened due to problem in software and will be resolved within 2 months, till date no action taken by SBI, whenever rate of intrest increased, upgraded in software automatically, if problem was with software ROI should not increase similarly, if increasing it means it can be DECREASED ALSO Manually.

I've paid 40000 Rs. extra as an Intrest in last 15 months, and if this amount would have been deducted from principal amount, my current interest should be 7700 approx @ 9.5 %.


Sahin Verma