Name: TP SREERAM
Took HOME LOAN of 3 Lacs from HDFC 4-5 years back, EMI agreed Rs.2868 pm @ 7.5 to 8% interest. Till date not a single EMI default done.
When inflation increased to 15% HDFC increased interest rate to 13% and made my EMI Rs.3900 /- pm . I paid this extra till Nov2009. But now inflation became deflation and is now around 5%, HDFC yet to bring down this increased interest rate. They divided customers into old and new . Old customers to pay higher interest whereas new customers are offered 8% interest rate.
What legal procedure I should take such that I can continue paying my old EMI Rs.2868 , since at present I cannot afford to pay Rs.3900 EMI.
Mr SREERAM,
There is not much can do in this case. You should go through the terms & conditions you signed while taking the loan. I suggest you talk to the bank manager or a senior officer/nodal officer to try to reneotiate the term of the loan. Maybe you can get extended the term of the loan for ex to a 12 year loan from say 10 year loan at reduced instalment.
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