Friday, September 08, 2006
[RealEdge] BT Letters : Stanchart loan that went seriously sour
| Published September 8, 2006  | |
| LETTER TO THE EDITOR | |
| Stanchart loan that went seriously sour I REFER to Ms Genevieve Cua's column (Playing with the fine print has its risks, (BT Sept 6) about the content of banks' fine print and in particular about Standard Chartered raising their MortgageOne housing loan rate. She suggests Standard Chartered should waive its fees for the clients to exit the bank. In this connection, I would like to relate my own bad experience with them. I took a housing loan with Standard Chartered (not MortgageOne) But it was a decision I regretted as I discovered that they increased their interest rates faster and by a greater quantum then other banks. Towards the end of last year, I was hit with an interest rate increase every month for about four months. I called them and complained but they refused to do anything as they were within their rights to do so. It was only in January that they offered to reprice the loan as there was by then only a year left of their contract. They wanted to charge me $3,000 for the repricing and to lock me for a further two years. I did not take up their offer. Just two months ago, with six months left on my contract with Standard Chartered, I asked them about repricing, thinking that if they could offer me better terms I could save on the legal fees involved in moving my housing loan to another institution. To my horror, they asked me to pay $3,500 for the repricing when the legal fees for moving the housing loan come to only $2,500. |
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