Dam my bank!

Warning: Rant ahead.

Got a letter from a certain blue and green bank, informing me that they are going to increase the interest rate on my loan to 4.5%(up 0.7%). NBCB! Now I feel like I'm getting a loan for private property like that, with a variable interest rate.

So, I called the hotline to KBKB(kao beh kao bu). But the lady on the line was quite patient(she's a CRO, not her fault), who explained to the the InterBank Loan Rate has increased, therefore my rate also increased. I dam pissed with this kind of crap, and proceeded to explain HDB loans shouldnt fluctuate that much right, just like when you take a loan from HDB. Cos HDB is meant for low to mid income families, so cannot chin-chai increase cos IBOR has increased. She is going to put up request to reduce the interest rate on my loan, and ask them to call me.

Bloody hell, when I approached them for the loan, they say the rate wont anyhow increase lah, must get MAS approval lah, will depend on HDB rate also lah, all bullshit. After they lock you in, they increase the interest rate, knowing full well you cant do anything about it. And note that they just increased my interest rate by 50bp (0.5%) just 2-3 months ago.

They give customers like me, a feeling that that they are high-handed. Whether they are, I dunno. But I am dam sure they give me such an impression. Another colleague of mine, taking a homeloan, also complained about the same bank.

Well listen here, I rather pay the penalties, and whatever !# subsidies, and take my loan to another bank, and all you are earning from me from this point onwards is that 1% penalty(plus whatever interest I have paid in the last few months). Where they could have potentially earned a lot more with my 35 year loan. And I'm going to cancel all my accounts, credit cards and etc. with this bank, in other words, I'm going to cancel all business transactions with them.

So still waiting for their call, and see who can play hardball better.

DISCLAIMER:
All the thoughts expressed in this article are entirely my own, and are in no way intended to cause any defamation, insult or otherwise to any parties.