on 09-01-2017 09:07 AM
I moved my variable interest rate contract to a fixed contract and have signed no aganist the 'Fixed Rate' cap form. I got the contract variation which states that the rate applicable for me is 3.79% fixed for two years. However few days later I got the account statement which indicates the rate as 4.05%.
Bank helpdesk says it is due to the fact that I have not signed the fixed rate cap form. I cannot make sense of it as my contract varaiation clearly indicates that it is 3.79% and this is setting a very bad example where the bank can delay updating the accounts to charge me a higher rate.
on 09-01-2017 11:35 AM
Hi @rasikad, the home loan rate is not locked in until the loan is disbursed, so if the rate changes during the application processing you would get the new rate. To avoid this customers have the option of signing a fixed rate cap form, which essentially locks in the rate which was in place when you applied.
09-01-2017 12:06 PM - edited 09-01-2017 12:09 PM
Thanks for your comments..
My contract indicates that variation date is 7/12/2016 with the rate of 3.79%
The loan account indicates that the transfer happens on the same date
How come there is difference between the contract date and the rate in the account?
So what is your disbursment end point (date/time) in this loan?
on 09-01-2017 03:12 PM
For security reasons @rasikad, we can't access or discuss your personal account information via the forum, so I'm unable to view your home loan transfer case to see what's happened. If you can please email your full name and contact number, along with your forum username to firstname.lastname@example.org I will escalate this and arrange for a specialist to look into this and contact you. Thanks
17-01-2017 02:10 PM - edited 17-01-2017 02:12 PM
Just letting you know that I was promised a call back during last week by Customer Relations team member. I was given a direct contact number . Having heard nothing from them until today, I dialed it it was going to voice mail with an outdated message.
I have then contacted the bank direct number and was transfered to customer relations team. Call was then transferred to home loans division who said the only thing he can do it to send an email to customer relationships.
Having spend 20+ minutes with no feedback on the progress, I am losing trust in the process. Is there anything else I can do before thinking of making a formal complaint?
on 17-01-2017 02:55 PM