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Compiled by Rahul shah vol. 1.4

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I availed an LAP (loan against property) of.49.12 lakh from Barclays Bank. The loan was disbursed on November 1,2010 @ 10.50% pa on a monthly reducing balance (base rate @ 8% pa).Within two months,ie,January,the bank increased the base rate to 9.5% pa.Accordingly,the RoI was revised to 12% pa.Again,on April 4,2011,the bank increased the customer spread from 2.5% to 4%,and,hence,the rate was revised to 13.5% pa.Can the bank increase the spread within five months of issuing a loan Is there any way out of this . As and when there is a change in the key policy rates of the RBI, most banks change their base rate and, consequently, the applicable rates on loans. Barring a few, most banks now charge between 12.5% and 15.75 % for LAP. If you want to shift your loan to another bank, you will have to again incur expenses on charges like processing fee, documentation, valuation fees, title verification fees, etc.Banks are offering a rate that is about 1% to 1.50 % lower than your present rate may be contacted for loan takeover. You need to calculate the benefit of a switchover after factoring the additional cost as stated above. 2) PF TRANSFER

I left United India Insurance (UIIC) in September 2006 to join Bajaj Allianz General Insurance (BAGIC).UIIC had given me the papers for transferring my PF account and all papers were duly submitted at UIIC, DRO - I, New Delhi. In February 2010, I came to know that they had issued a DD for.3.85 lakh to BAGIC in August 2008.But BAGIC said they had not received any DD.I have written many a letter to UIIC and spoke to officials at their Chennai HO, but UIIC has not responded. What should I do Should I go to the consumer forum I fear that would involve a long legal battle and associated expenses? You need to take up the matter with the higher authorities at UIIC, if need be make a personal visit to explain the facts of the case. Although there is an office of Ombudsman, it was created to quickly dispose grievances of insured customers and to mitigate their problems involved in redressal of those grievances. Hence, this forum may not deal with your complaint. If there is no positive response within a reasonable time, you can file a complaint before a consumer redressal forum. This forum is not expensive. 3) CREDIT CARD WOES

I had dropped a cheque for paying my credit card bill on February 9 at an ATM.The amount was debited from my bank account on February 12.But the credit card statement generated on February 25 showed that the payment was still due and I was charged late fees and interest. I faxed and emailed my bank account statement to the credit card issuer. I also sent them mails with the proof of payment. But the problem has still not been resolved. How can I resolve the problem? If the bank is not resolving your problem even after you sending those mails and submitting proof, you have the option of taking up the matter with the Banking ombudsman. Please visit _viewcontent.aspx Id=164 to know which Banking ombudsman to approach. Submit your complaint in the prescribed form in triplicate with relevant enclosures. The matter will be solved.

Compiled by Rahul shah vol. 1.4

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June 30

My father-in-law, a retired income-tax officer, has a savings account with Allahabad Bank's Ghaziabad branch. Since his hands shiver a lot, he uses the thumb impression for all bank transactions. Recently; he suffered a stroke, which left his right side paralysed. He also lost his speech. According to doctors, it may take a few months for him to recover but there is no guarantee that he will recover fully. We requested the bank manager to allow us to withdraw money from my in-law's account. The manager sent a bank official to meet my in-law so that a thumb impression could be taken in his presence.However,when we went back to the bank, the manager refused to allow us to withdraw cash because, according to him, the patient was not in his full senses and could not speak. According to him, if the patient does not recover then only his legal heirs can withdraw cash from his account. What should we do? The National Trust for the Welfare of Persons has advised the Reserve Bank of India on ways to deal with such a situation. You will have to obtain the guardianship certificate issued either by the district court under Mental Health Act or by the Local Level Committees under the same Act for the purpose of operating bank accounts. 2) HOME LOAN & INSURANCE

I took a housing loan of.20 lakh from a private bank in 2005 to build a house. Subsequently, when the interest rate went up, I approached a nationalised bank for a loan takeover at a lower rate. The nationalised bank offered to take over the outstanding loan of.13.5 lakh. After I paid the first EMI, my SB a/c was debited by.50; 000.I was told that it was the premium for insuring the property. The property was valued at.1.92 crore by the banks valuator and the agreement signed by me agrees to insure the property for the full value. I reasoned with the bank that it may insure the property for.15 lakh to cover its risk, but the bank said the RBI instruction is to insure the property for the full value. I dont want to spend so much for insurance. What can I do? Bankers have to insure the property and or goods in case of hypothecation/pledge, etc, for the full value to avoid application of average clause. If you want to avoid paying so much for insurance you may have to close your housing loan account.

Compiled by Rahul shah vol. 1.4

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