Home Loan,
I applied for a home loan at Nedbank Easgate Branch and the interest rate was set at prime 1.55 which means my interest rate was 10.550
I was not happy with rate at prime 1.55 but the consultant and the bank manager both told me that I not worry about the rate because:
1 - It is Variable Prime Linked
2 - I could return in about 6 month and renegotiate the rate
A few months have passed the prime rate is at 8.5 as opposed to 9 or so that it was at when I took the home.
I went back to the bank to renegotiate the rate and after a very bad experience the bank is not honouring its promise to reduce the rate and denies that my type of interest rate is not prime-linked despite the fact that it states so on the document I signed.
I feel the bank is bank is being greedy, its service is unprofessional and it is in breach of contract (verbal) of reducing my rate and denying that the interest rate is not prime-linked.
The behaviour of the bank is undesirable does not match to its slogan "Make things happen" and they staff warring "Service Champion" banner is shameful
This type of behaviour should not be allowed in a democratic society.
Regards,
Disappointed Custome
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